Unlock the power of crypto payments for your wallet
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Until now, it was impossible for crypto wallets to issue branded debit cards.
Kulipa makes this a reality.
Turn your wallet into a bank by starting your own card program, with Kulipa.
Until now, it was impossible for crypto wallets to issue branded debit cards.
Kulipa makes this a reality.
Turn your wallet into a bank by starting your own card program, with Kulipa.
The crypto payment card wallets have been waiting for
White-labelled
API-powered
Out of the box
Tailored to phones
Frictionless
Customizable
Unlock a payment use case for your wallet
Launch a comprehensive banking solution with instant settlement and card issuance, ATM access, and global coverage.
Provide users with a customized debit or prepaid card to spend their crypto anywhere Mastercard & Visa are accepted.
Create other services on top of the card (cashback, incentive and referral programs) to grow engagement even further.
Bring mainstream adoption to your wallet
Become top of mind
Foster user engagement
Grow activity in your wallet
Our card management platform
Become top of mind
Foster user engagement
Grow activity in your wallet
With our card management platform
Innovating with Argent
Watch the full interview with Itamar, Argent’s CEO, to understand how Kulipa helped design their ideal crypto card product.
Frequently asked questions
We're a one-stop-shop to help crypto wallet issue payment cards. These cards carry your brand, and offer best-in-class payment UX, a flexible API, and an intuitive dashboard to empower your support team.
We have 2 card products: a debit card and a prepaid card. Both let your users spend their crypto anywhere Mastercard and Visa are accepted.
With Kulipa, merchants don't need to accept crypto (or even know anything about it) for users to spend their holdings. We seamlessly convert USDC to fiat in the background, ensuring a smooth payment experience for all.
Anywhere Mastercard and Visa are accepted, Kulipa is, too! That means over 37 million establishments in 210 countries.
Whatever your wallet needs! Branded physical cards, Apple Pay®/ Google Pay™, or virtual cards for online purchases.
Kulipa takes security extremely seriously, using state-of-the-art measures to safeguard funds and data, so that users have peace of mind when spending their crypto. We work with a trusted network of partners to ensure maximum security for wallets and end users alike.
At this time, we support USDC, its wrapped versions, and Paxos. We can deploy on any blockchain - from EVM chains to L2 or Solana, and many more.
Blog of Kulipa
Regulatory Radar #1
Welcome to the first edition of Regulatory Radar—a space for short, sharp insights into the rules, tools, and trends shaping financial regulation!
We’re starting with a timely topic: the no-action letter—a somewhat obscure but important regulatory instrument used by European Supervisory Authorities (ESAs). On 10 June 2025, the European Banking Authority (EBA) issued a no-action letter addressing the interaction between PSD2 and MiCA—marking the first time this tool has been used to navigate the complex overlap between legacy payments regulation and Europe’s new crypto framework.
But what exactly is a no-action letter in the EU context? Who can issue one? What’s its legal weight? And why should market participants and policymakers alike pay attention?
Let’s take a closer look.
Which EU supervisory authorities can issue a no-action letter?
Following the 2019 ESA Reform Regulation, all European Supervisory Authorities (ESAs) were given the authority to issue no-action letters:
What is the legal basis of a no-action letter?
The legal basis of a no-action letter differs across the European Supervisory Authorities:
- European Banking Authority (EBA): Article 9c of EBA’s founding regulation - Regulation (EU) 1093/2010 - grants the EBA the authority to expeditiously issue no-action letters
- European Securities and Markets Authority (ESMA): Article 9a of ESMA’s founding regulation - Regulation (EU) 1095/2010 - grants the ESMA the authority to expeditiously issue no-action letters.
- European Insurance and Occupational Pensions Authority (EIOPA): Article 9a of EIOPA’s founding regulation - Regulation (EU) 1094/2010- grants the EIOPA the authority to expeditiously issue no-action letters.
The EBA, ESMA and EIOPA may equally participate in joint ESA no-action letters as was the case in December 2023 on EMIR Margin Requirements.
Specifically, on essentially the same terms, the EBA, ESMA, and EIOPA may issue a no-action letter in the following three circumstances:
- Provisions contained in a relevant EU Legislative act may directly conflict with another relevant EU legislative act.
- The absence of delegated or implementing acts that complement or specify a legislative act raises legitimate doubts concerning the legal consequences from the legislative act or its proper application.
- The absence of EBA guidelines or recommendations would raise practical difficulties concerning the application of the relevant legislative act.
What is the aim of an ESA no-action letter?
In the European Union, no-action letters are not addressed to individual firms, but rather address an issue affecting the market as a whole. The pattern across ESAs suggests that only exceptional, systemic regulatory conflicts, as opposed to firm-specific or minor compliance issues, have triggered the issuance of no-action letters.
No-action letters issued by ESAs do not change EU law but they provide interim guidance to regulators and market participants on how to handle problematic provisions until a more permanent solution is in place.
Usually addressed primarily to all national regulators in the EU, this interim guidance may provide :
- Short-term non-supervisory or non-enforcement guidance :
- A no-action letter may state that no supervisory or enforcement actions should be taken against firms for non-compliance with specified provisions, for a limited time or until certain conditions are met.
- A no-action letter may outline supervisory expectations during an interim period when the timing of implementation or the scope of two regulatory regimes are misaligned.
- Long-Term legislative action :
ESAs may issue a public opinion to the European Commission (EC) on any action it considers appropriate, in the form of a new legislative proposal or a proposal for a new delegated or implementing act, and on the urgency that, in the Authority’s judgment, is attached to the issue.
ESAs may equally evaluate as soon as possible the need to adopt further relevant guidelines or recommendations that do not warrant further legislative action.
Each no-action letter issued by ESAs so far has been accompanied by outreach to the European Commission.
Is a no-action letter legally binding?
A no-action letter is delivered as an opinion (soft-law) and is therefore not legally binding on relevant National Competent Authorities (NCAs) or firms operating in the EU. The ESAs’ respective Founding Regulations do not grant ESA’s authority the power to disapply or suspend the law.
However, a no-action letter constitutes an important precedent - NCAs have strong incentives to follow the guidance to maintain a level-playing field and avoid fragmentation.
Welcome to the first edition of Regulatory Radar—a space for short, sharp insights into the rules, tools, and trends shaping financial regulation!
We’re starting with a timely topic: the no-action letter—a somewhat obscure but important regulatory instrument used by European Supervisory Authorities (ESAs). On 10 June 2025, the European Banking Authority (EBA) issued a no-action letter addressing the interaction between PSD2 and MiCA—marking the first time this tool has been used to navigate the complex overlap between legacy payments regulation and Europe’s new crypto framework.
But what exactly is a no-action letter in the EU context? Who can issue one? What’s its legal weight? And why should market participants and policymakers alike pay attention?
Let’s take a closer look.
Which EU supervisory authorities can issue a no-action letter?
Following the 2019 ESA Reform Regulation, all European Supervisory Authorities (ESAs) were given the authority to issue no-action letters:
What is the legal basis of a no-action letter?
The legal basis of a no-action letter differs across the European Supervisory Authorities:
- European Banking Authority (EBA): Article 9c of EBA’s founding regulation - Regulation (EU) 1093/2010 - grants the EBA the authority to expeditiously issue no-action letters
- European Securities and Markets Authority (ESMA): Article 9a of ESMA’s founding regulation - Regulation (EU) 1095/2010 - grants the ESMA the authority to expeditiously issue no-action letters.
- European Insurance and Occupational Pensions Authority (EIOPA): Article 9a of EIOPA’s founding regulation - Regulation (EU) 1094/2010- grants the EIOPA the authority to expeditiously issue no-action letters.
The EBA, ESMA and EIOPA may equally participate in joint ESA no-action letters as was the case in December 2023 on EMIR Margin Requirements.
Specifically, on essentially the same terms, the EBA, ESMA, and EIOPA may issue a no-action letter in the following three circumstances:
- Provisions contained in a relevant EU Legislative act may directly conflict with another relevant EU legislative act.
- The absence of delegated or implementing acts that complement or specify a legislative act raises legitimate doubts concerning the legal consequences from the legislative act or its proper application.
- The absence of EBA guidelines or recommendations would raise practical difficulties concerning the application of the relevant legislative act.
What is the aim of an ESA no-action letter?
In the European Union, no-action letters are not addressed to individual firms, but rather address an issue affecting the market as a whole. The pattern across ESAs suggests that only exceptional, systemic regulatory conflicts, as opposed to firm-specific or minor compliance issues, have triggered the issuance of no-action letters.
No-action letters issued by ESAs do not change EU law but they provide interim guidance to regulators and market participants on how to handle problematic provisions until a more permanent solution is in place.
Usually addressed primarily to all national regulators in the EU, this interim guidance may provide :
- Short-term non-supervisory or non-enforcement guidance :
- A no-action letter may state that no supervisory or enforcement actions should be taken against firms for non-compliance with specified provisions, for a limited time or until certain conditions are met.
- A no-action letter may outline supervisory expectations during an interim period when the timing of implementation or the scope of two regulatory regimes are misaligned.
- Long-Term legislative action :
ESAs may issue a public opinion to the European Commission (EC) on any action it considers appropriate, in the form of a new legislative proposal or a proposal for a new delegated or implementing act, and on the urgency that, in the Authority’s judgment, is attached to the issue.
ESAs may equally evaluate as soon as possible the need to adopt further relevant guidelines or recommendations that do not warrant further legislative action.
Each no-action letter issued by ESAs so far has been accompanied by outreach to the European Commission.
Is a no-action letter legally binding?
A no-action letter is delivered as an opinion (soft-law) and is therefore not legally binding on relevant National Competent Authorities (NCAs) or firms operating in the EU. The ESAs’ respective Founding Regulations do not grant ESA’s authority the power to disapply or suspend the law.
However, a no-action letter constitutes an important precedent - NCAs have strong incentives to follow the guidance to maintain a level-playing field and avoid fragmentation.
Crypto Compass - Week 6
🏛️ Regulatory Developments
- US Regulators Enhance Cooperation on Crypto Rules: U.S. financial regulators are exploring new ways to work together on cryptocurrency regulations. This effort aims to establish clearer oversight and prevent regulatory gaps in the fast-evolving crypto industry. Read more
- Fed Governor Powel Pushes for Stablecoin Regulation while Recognizing they Extend US Dollar Reach: A Federal Reserve governor has highlighted the potential of stablecoins to expand the international use of the U.S. dollar, while calling for comprehensive regulation to mitigate financial stability risks. Read more
- UK and Bank of England Weigh Stablecoins and CBDC: The Bank of England is actively evaluating stablecoins and central bank digital currencies (CBDCs), considering their potential role in the financial system while stressing the need for careful regulation. Read more
- 31% of Central Banks Delay CBDC Plans: A new survey reveals that nearly a third of central banks have postponed their CBDC initiatives due to regulatory concerns, signaling cautious approaches to digital currency adoption. Read more
- Moscow Advances Digital Ruble Implementation: The Russian government is pushing forward with its digital ruble project, aiming to use it for domestic and international transactions, despite ongoing geopolitical and financial restrictions. Read more
💰 Investments and Market Moves
- Framework Ventures Backs Plasma with $20M Investment: The firm plans to use its funding to continue developing the Plasma blockchain, which is an EVM-compatible Bitcoin sidechain to facilitate USDT transfers with no fees. Read more
- Tether Invests in Zengo Wallet: Tether has made a strategic investment in Zengo, a self-custodial crypto wallet known for its security features, reinforcing its focus on decentralization and financial sovereignty. Read more
- Plume Network and Mercado Bitcoin to Tokenize $40M in RWAs: Brazil’s Mercado Bitcoin and Plume Network are partnering to tokenize $40 million worth of real-world assets (RWAs), bringing increased liquidity and accessibility to the asset class. Read more
🌍 Global Crypto Adoption
- Coinbase Eyes Re-entry into India: Coinbase is in discussions with India's Financial Intelligence Unit (FIU) to navigate regulatory challenges and potentially re-enter the Indian market after a previous setback. Read more
- Hong Kong Accepts Crypto for Investment Visas: Hong Kong has officially recognized cryptocurrency holdings as proof of wealth for investment visa applications, boosting the city’s appeal as a crypto-friendly jurisdiction. Read more
- Ukraine to Legalize Crypto by Summer: Ukrainian lawmakers are moving forward with plans to legalize cryptocurrencies, aiming to establish a regulatory framework for the sector by mid-2024. Read more
- 1 in 4 South Koreans Own Crypto: A new survey reveals that 25% of South Korean adults hold cryptocurrency, with most investors focused on short-term gains rather than long-term holdings. Read more
- Central African Republic Launches Memecoin: The Central African Republic has introduced a state-backed memecoin, joining the growing list of nations experimenting with cryptocurrency adoption. Read more
🏦 Institutional and Payment Innovations
- FDUSD Expands Stablecoin Payments with Fomo Pay: FDUSD has integrated with Fomo Pay on Ethereum and Solana, enabling seamless on-chain stablecoin payments for merchants worldwide. Read more
- Klarna Explores Crypto Integration Ahead of IPO: Klarna’s CEO has confirmed that the company is considering incorporating cryptocurrency into its payment ecosystem as it prepares for a public listing. Read more
🏛️ Regulatory Developments
- US Regulators Enhance Cooperation on Crypto Rules: U.S. financial regulators are exploring new ways to work together on cryptocurrency regulations. This effort aims to establish clearer oversight and prevent regulatory gaps in the fast-evolving crypto industry. Read more
- Fed Governor Powel Pushes for Stablecoin Regulation while Recognizing they Extend US Dollar Reach: A Federal Reserve governor has highlighted the potential of stablecoins to expand the international use of the U.S. dollar, while calling for comprehensive regulation to mitigate financial stability risks. Read more
- UK and Bank of England Weigh Stablecoins and CBDC: The Bank of England is actively evaluating stablecoins and central bank digital currencies (CBDCs), considering their potential role in the financial system while stressing the need for careful regulation. Read more
- 31% of Central Banks Delay CBDC Plans: A new survey reveals that nearly a third of central banks have postponed their CBDC initiatives due to regulatory concerns, signaling cautious approaches to digital currency adoption. Read more
- Moscow Advances Digital Ruble Implementation: The Russian government is pushing forward with its digital ruble project, aiming to use it for domestic and international transactions, despite ongoing geopolitical and financial restrictions. Read more
💰 Investments and Market Moves
- Framework Ventures Backs Plasma with $20M Investment: The firm plans to use its funding to continue developing the Plasma blockchain, which is an EVM-compatible Bitcoin sidechain to facilitate USDT transfers with no fees. Read more
- Tether Invests in Zengo Wallet: Tether has made a strategic investment in Zengo, a self-custodial crypto wallet known for its security features, reinforcing its focus on decentralization and financial sovereignty. Read more
- Plume Network and Mercado Bitcoin to Tokenize $40M in RWAs: Brazil’s Mercado Bitcoin and Plume Network are partnering to tokenize $40 million worth of real-world assets (RWAs), bringing increased liquidity and accessibility to the asset class. Read more
🌍 Global Crypto Adoption
- Coinbase Eyes Re-entry into India: Coinbase is in discussions with India's Financial Intelligence Unit (FIU) to navigate regulatory challenges and potentially re-enter the Indian market after a previous setback. Read more
- Hong Kong Accepts Crypto for Investment Visas: Hong Kong has officially recognized cryptocurrency holdings as proof of wealth for investment visa applications, boosting the city’s appeal as a crypto-friendly jurisdiction. Read more
- Ukraine to Legalize Crypto by Summer: Ukrainian lawmakers are moving forward with plans to legalize cryptocurrencies, aiming to establish a regulatory framework for the sector by mid-2024. Read more
- 1 in 4 South Koreans Own Crypto: A new survey reveals that 25% of South Korean adults hold cryptocurrency, with most investors focused on short-term gains rather than long-term holdings. Read more
- Central African Republic Launches Memecoin: The Central African Republic has introduced a state-backed memecoin, joining the growing list of nations experimenting with cryptocurrency adoption. Read more
🏦 Institutional and Payment Innovations
- FDUSD Expands Stablecoin Payments with Fomo Pay: FDUSD has integrated with Fomo Pay on Ethereum and Solana, enabling seamless on-chain stablecoin payments for merchants worldwide. Read more
- Klarna Explores Crypto Integration Ahead of IPO: Klarna’s CEO has confirmed that the company is considering incorporating cryptocurrency into its payment ecosystem as it prepares for a public listing. Read more
Crypto Compass - Week 5
⚖️ US SEC & Crypto Regulation Updates
- SEC Shifts Crypto Enforcement Strategy: The U.S. SEC is scaling down its crypto enforcement division while reassigning a key litigator involved in major cases against Ripple and Coinbase to the IT department. These moves suggest a potential shift in the agency’s regulatory approach, possibly signaling a less aggressive stance on crypto-related legal actions. Read more and Read more.
- Sen. Hagerty to Introduce Stablecoin Bill: U.S. Senator Bill Hagerty plans to introduce new stablecoin legislation, aiming to establish clear regulatory guidelines for issuers. The move aligns with growing bipartisan interest in stablecoin oversight. Read more.
- House Republicans Propose Stablecoin Regulation Draft: A new discussion draft for stablecoin regulation has been released by House Republicans, focusing on licensing and oversight mechanisms to ensure stability and compliance. Read more.
- French Hill Calls for Shift in US Crypto Enforcement: Congressman French Hill advocates for a regulatory approach that prioritizes clear rules over aggressive enforcement, signaling potential relief for the industry. Read more.
- Sen. Warren Criticizes Crypto 'Debanking' Practices: Senator Elizabeth Warren raises concerns over banks closing crypto-related accounts, arguing it threatens financial inclusion and innovation. Read more.
🏛️ Regulatory Developments
- US vs. MiCA: Global Crypto Standards in the Works?: As the U.S. grapples with fragmented crypto regulations, Europe’s MiCA framework sets a precedent for global standards. The divergence highlights the regulatory uncertainty in the U.S. market. Read more.
- Saudi Economist Pushes for Gulf Crypto Regulations: A leading Saudi economist urges Gulf nations to establish unified crypto payment regulations, emphasizing regional stability and competitiveness in digital finance. Read more.
- India Reconsiders Crypto Policy Amid Global Shifts: India is reevaluating its crypto stance as global adoption trends change, hinting at potential regulatory adjustments in one of the world’s largest emerging markets. Read more.
💰 Stablecoin Market & Adoption
- Stablecoin Market Cap Surges to $200B: Stablecoins are seeing a resurgence, with their total market capitalization surpassing $200 billion. Analysts link this growth to the broader crypto market recovery. Read more.
- Stablecoin Expansion Could Drive Crypto’s Next Rally: Analysts suggest that increased stablecoin liquidity could fuel the next major cryptocurrency rally, highlighting their role as a key market driver. Read more.
- Brazil’s Crypto Boom Led by Stablecoins: Stablecoins dominate Brazil’s crypto inflows, highlighting their importance in emerging markets where they offer a hedge against inflation and currency volatility. Read more.
🌏 Market Trends & Institutional Moves
- Asia Surpasses US & Europe in Bitcoin Retail Trading: Retail trading in Asia has overtaken the U.S. and Europe, showcasing the region’s growing influence on Bitcoin market dynamics. Read more.
- UBS Leverages Blockchain for Digital Gold Investments: Swiss banking giant UBS is exploring blockchain technology to enhance accessibility to digital gold investments for retail investors. Read more.
- Thailand’s SEC Launches Blockchain-Based Trading Platform: Thailand’s securities regulator is rolling out a blockchain-based platform for digital token trading, reinforcing the country’s crypto-friendly stance. Read more.
🎵 NFTs & Blockchain Innovation
- Sony’s Soneium Blockchain Debuts First Music NFT Collection: Sony is expanding into the NFT space with a music-focused collection, showcasing growing industry adoption of blockchain for digital content ownership. Read more.
⚖️ US SEC & Crypto Regulation Updates
- SEC Shifts Crypto Enforcement Strategy: The U.S. SEC is scaling down its crypto enforcement division while reassigning a key litigator involved in major cases against Ripple and Coinbase to the IT department. These moves suggest a potential shift in the agency’s regulatory approach, possibly signaling a less aggressive stance on crypto-related legal actions. Read more and Read more.
- Sen. Hagerty to Introduce Stablecoin Bill: U.S. Senator Bill Hagerty plans to introduce new stablecoin legislation, aiming to establish clear regulatory guidelines for issuers. The move aligns with growing bipartisan interest in stablecoin oversight. Read more.
- House Republicans Propose Stablecoin Regulation Draft: A new discussion draft for stablecoin regulation has been released by House Republicans, focusing on licensing and oversight mechanisms to ensure stability and compliance. Read more.
- French Hill Calls for Shift in US Crypto Enforcement: Congressman French Hill advocates for a regulatory approach that prioritizes clear rules over aggressive enforcement, signaling potential relief for the industry. Read more.
- Sen. Warren Criticizes Crypto 'Debanking' Practices: Senator Elizabeth Warren raises concerns over banks closing crypto-related accounts, arguing it threatens financial inclusion and innovation. Read more.
🏛️ Regulatory Developments
- US vs. MiCA: Global Crypto Standards in the Works?: As the U.S. grapples with fragmented crypto regulations, Europe’s MiCA framework sets a precedent for global standards. The divergence highlights the regulatory uncertainty in the U.S. market. Read more.
- Saudi Economist Pushes for Gulf Crypto Regulations: A leading Saudi economist urges Gulf nations to establish unified crypto payment regulations, emphasizing regional stability and competitiveness in digital finance. Read more.
- India Reconsiders Crypto Policy Amid Global Shifts: India is reevaluating its crypto stance as global adoption trends change, hinting at potential regulatory adjustments in one of the world’s largest emerging markets. Read more.
💰 Stablecoin Market & Adoption
- Stablecoin Market Cap Surges to $200B: Stablecoins are seeing a resurgence, with their total market capitalization surpassing $200 billion. Analysts link this growth to the broader crypto market recovery. Read more.
- Stablecoin Expansion Could Drive Crypto’s Next Rally: Analysts suggest that increased stablecoin liquidity could fuel the next major cryptocurrency rally, highlighting their role as a key market driver. Read more.
- Brazil’s Crypto Boom Led by Stablecoins: Stablecoins dominate Brazil’s crypto inflows, highlighting their importance in emerging markets where they offer a hedge against inflation and currency volatility. Read more.
🌏 Market Trends & Institutional Moves
- Asia Surpasses US & Europe in Bitcoin Retail Trading: Retail trading in Asia has overtaken the U.S. and Europe, showcasing the region’s growing influence on Bitcoin market dynamics. Read more.
- UBS Leverages Blockchain for Digital Gold Investments: Swiss banking giant UBS is exploring blockchain technology to enhance accessibility to digital gold investments for retail investors. Read more.
- Thailand’s SEC Launches Blockchain-Based Trading Platform: Thailand’s securities regulator is rolling out a blockchain-based platform for digital token trading, reinforcing the country’s crypto-friendly stance. Read more.
🎵 NFTs & Blockchain Innovation
- Sony’s Soneium Blockchain Debuts First Music NFT Collection: Sony is expanding into the NFT space with a music-focused collection, showcasing growing industry adoption of blockchain for digital content ownership. Read more.