The Crypto Register EU

Who actually issues your crypto debit card in the EU?

Most crypto-branded debit cards in the EU are issued by partner Electronic Money Institutions (EMIs), not by the crypto exchange itself. How to find your card's issuer, why it matters, and what protections apply.

Who actually issues your crypto debit card?

Most crypto-branded debit cards in the EU are not issued by the crypto exchange whose name appears on the card. The exchange acts as a programme manager and distribution channel. The card itself - the legal product that gives you the right to spend at Visa or Mastercard merchants - is issued by a separate Electronic Money Institution (EMI) authorised under the European E-Money Directive (Directive 2009/110/EC) and the second Payment Services Directive (PSD2, Directive (EU) 2015/2366).

Knowing who the EMI is matters because the EMI - not the exchange - is the legal counterparty for your card payments. The EMI is the entity responsible for safeguarding your card balance, processing your transactions, and handling chargebacks. The exchange may go through commercial difficulty without immediately affecting your card; the EMI failing is what would put your card balance at risk.

How do I find out who issues my card?

Three places to look, in order of authoritativeness:

  1. The card's printed back face. Underneath the BIN sponsor logo (Visa / Mastercard / Maestro), there is a small line of text naming the issuing bank or EMI. This is the issuer of record.
  2. The card programme's Terms & Conditions. Usually a clearly identified section called "Issuer" or "Card Issuer" near the top of the document. It will name the legal entity, its registered address, and its authorising regulator.
  3. The European Banking Authority's EUCLID register at euclid.eba.europa.eu. Search the EMI's name and confirm its authorisation status and jurisdiction.

If the card's printed face and T&C name an entity that does not appear in the EUCLID register, the product is operating outside the EU regulated framework. This is a flag worth investigating.

Why are most crypto cards issued by partner EMIs?

Becoming an authorised EMI is a substantial undertaking. The capital, operational, and compliance requirements are significant, and the authorisation process can take 12-18 months. Many crypto exchanges have chosen to focus on their core MiCA-licensed business and partner with specialist EMIs for card issuance. The specialist EMI handles the regulated parts (issuing, settlement, safeguarding, chargebacks); the exchange handles the user-facing product, the crypto-to-fiat conversion, and the rewards programme.

Common EMI partners for crypto-branded cards in the EU include:

  • Solaris SE (Germany, BaFin-authorised) - issues several crypto-branded debit cards across the EU.
  • Paysafe Financial Services Ireland (Ireland, CBI-authorised) - issues prepaid and debit programmes.
  • Wirex Limited (Lithuania, Bank of Lithuania-authorised) - issues both its own Wirex card and partner programmes.
  • UAB FINCI, UAB Foxpay, others (Lithuania) - hold Lithuanian EMI authorisations and partner with crypto exchanges across the EEA.
  • Marqeta Europe (Lithuania) - card-issuer-processor.

What protections apply if my crypto card EMI fails?

EU-authorised EMIs are required by Article 7 of the E-Money Directive to safeguard client funds. The two methods recognised:

  1. Segregation in an EU credit institution. Client funds are held in a separate account at a bank, ring-fenced from the EMI's own funds. If the EMI fails, the segregated funds remain identifiable as client funds and are returned to clients before EMI creditors.
  2. An insurance policy or comparable guarantee covering an amount equivalent to the safeguarded funds.

EMI client funds are not covered by the national Deposit Guarantee Scheme that applies to bank deposits. Deposit Guarantee Schemes cover deposits at banks; EMIs are not banks. The safeguarding rule is the EU-mandated functional equivalent.

The practical effect: if your crypto card's EMI fails, your card balance should be returned to you in full from the segregated bank account or insurance pool. If the EMI failed to properly safeguard, the legal recourse is against the EMI's estate, which ranks ahead of EMI creditors. This is a meaningful protection but not identical to bank deposit insurance.

Sources cited on this page

  1. Directive 2009/110/EC (E-Money Directive) - Article 7 on safeguarding.
  2. Directive (EU) 2015/2366 (PSD2) - the second Payment Services Directive.
  3. European Banking Authority EUCLID register - central register of EU-authorised payment institutions and EMIs.
  4. European Banking Authority (EBA).