System, device, and method of provisioning cryptographic assets to devices. A method includes: (a) generating a delegation message at a first provisioning server; the delegation message indicating 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; wherein generating the delegation message comprises at least one of: (A) inserting into the delegation message an association key unknown to the first provisioning server, encrypted using a public key of the electronic device; (B) inserting into the delegation message a public key of the second provisioning server; enabling the electronic device to locally generate the association key unknown to the first provisioning server; (b) delivering the delegation message to the electronic device; (c) at the second provisioning server, based on the delegation message, provisioning cryptographic assets to the electronic device, using the association key.