System, device, and method of provisioning cryptographic assets to electronic devices. A delegation message is generated at a first provisioning server. The delegation message indicates provisioning rights that are delegated by the first provisioning server to a second provisioning server with regard to subsequent provisioning of cryptographic assets to an electronic device. The delegation message includes an association key unknown to the first provisioning server, encrypted using a public key of the electronic device. The delegation message further includes a public key of the second provisioning server. The electronic device locally generates the association key, which is unknown to the first provisioning server. The delegation message is delivered to the electronic device. Based on the delegation message, cryptographic assets are provisioned by the second provisioning server to the electronic device, using the association key.