Laso Card

Laso Visa Prepaid Card: Privacy-Focused Crypto-to-Fiat Spending Solution

Basic Information

Laso Finance offers a pioneering crypto-backed prepaid Visa card that enables users to spend stablecoins at merchants worldwide without traditional identity verification. The core innovation is its no-KYC approach – users can obtain a virtual card simply by connecting a crypto wallet (like MetaMask) and depositing stablecoins, with no personal information required.

Cards are instantly issued as virtual cards that can be added to mobile wallets for contactless payments. To maintain regulatory compliance while preserving privacy, Laso implements strict spending limits and blocks certain transaction types like ATM withdrawals.

Rewards and Benefits

Laso's card program focuses on privacy and convenience rather than traditional rewards:

• Cashback: None (0% cashback)
• Staking Requirements: No staking required; no native token to stake
• Referral Program: Users can earn 50% of deposit fees paid by referred friends
• Privacy Benefits: Complete anonymity with no KYC requirements
• Convenience Features:
  • Instant issuance of virtual cards
  • Ability to create multiple cards for different purposes
  • Merchant lookup tool to check card acceptance before attempting purchases
  • Mobile wallet integration for contactless payments

Fees and Limits

Deposit/Loading Fees

Spending and Withdrawal Limits

Card Tiers and Options

All cards share these common characteristics:

• $1,000 maximum value per card
• Virtual format only (no physical cards currently available)
• Instant digital issuance
• No card issuance fee
• No transaction fees on purchases

Top-Up Methods

To top up a Laso Crypto Card, users connect a supported crypto wallet (such as MetaMask) and deposit stablecoins—USDT, USDC, or DAI—on Ethereum, Arbitrum, Polygon, Optimism, Base, or Solana networks via the Laso web dashboard or Chrome extension. Deposited stablecoins are instantly converted to the card’s fiat currency (USD or CAD), with a deposit fee ranging from 0% to 6.8% depending on card type deducted during conversion. Funds must be pre-loaded (no on-demand spending), and custody is transferred to the card provider upon deposit; users cannot retain control once funds are converted. Top-up amounts are limited to $1,000 per card per load, and non-reloadable cards cannot be topped up again. Card balances become available immediately after deposit, with no additional transaction or conversion fees for spending, but a 5% withdrawal fee applies to unused balances on non-reloadable cards.

Self-Custody Custodial

Laso Crypto Card uses a custodial model where users must deposit stablecoins from their own wallets, which are then converted to fiat (USD or CAD) and held by the card issuer or partner bank. After this conversion, users no longer control the crypto or the card balance directly—the funds are managed by the platform and can only be accessed via the card for purchases. If Laso or its banking partners ceased operations, users would not have independent access to their remaining card funds. This arrangement enables privacy and instant card issuance without KYC, but comes at the cost of self-custody and exposes users to risks if the provider becomes insolvent or is forced to shut down. The model is convenient and straightforward for spending crypto, but users give up control over their assets once they load the card.

Supported Currencies and Conversion

Cryptocurrency Support

Laso supports major stablecoins across multiple blockchain networks:

• Supported Stablecoins:

  • USDT (Tether)
  • USDC (USD Coin)
  • DAI

• Supported Networks:

  • Ethereum (ERC-20)
  • Arbitrum
  • Polygon
  • Optimism
  • Base
  • Solana

Non-stablecoin cryptocurrencies (like BTC, ETH) are not supported.

Fiat Currencies

• Primary Card Currencies:

  • U.S. Dollar (USD) - for U.S. and International cards
  • Canadian Dollar (CAD) - for Canadian cards

• Currency Conversion:

  • Stablecoins are converted to USD/CAD at the time of deposit
  • For international purchases, Visa handles currency conversion at standard rates
  • No additional foreign exchange fees added by Laso

Geographic Availability

Laso cards are available in approximately 189 countries worldwide, with notable exceptions:

• Restricted Countries: Denmark, France, Poland, Sweden, and the United Kingdom

• Regional Card Restrictions:

  • U.S. cards can only be used within the United States
  • Canadian cards can only be used within Canada
  • International cards can be used globally (except in restricted countries)

• Usage Challenges:

  • Users in Portugal and Italy have reported very low transaction success rates due to 3D Secure requirements
  • Sanctioned jurisdictions (e.g., North Korea, Iran) are excluded through standard Visa network blocks

Compliance and Security

Regulatory Framework

Laso operates under specific exemptions in FinCEN's Prepaid Access Rule that allow for no-KYC prepaid cards when:

• Maximum value is limited to $1,000 per device
• Cash access and person-to-person transfers are blocked
• No single person can purchase more than $10,000 in one day

These exact controls are implemented to remain compliant while preserving user privacy.

Security Features

• Authentication: Web3 wallet authentication (cryptographic signing)

• Encryption: HTTPS and secure connections

• Monitoring Systems:

  • Advanced transaction monitoring
  • On-chain analysis of deposit sources
  • Device fingerprinting
  • Spending behavior monitoring

• Restrictions:

  • Blocking of certain merchant category codes (MCCs)
  • Prevention of "transfers of value" (ATM withdrawals, financial services payments)

• Custody Model: Custodial conversion to fiat; user does not retain custody of funds once converted

• Insurance: No FDIC insurance for user balances (due to anonymity)

Technical Details

• Conversion Process:

  • User deposits supported stablecoins from connected wallet
  • Laso converts crypto to fiat (USD/CAD) at the time of deposit
  • Applicable deposit fee is deducted during conversion
  • Remaining balance is loaded onto the virtual card instantly

• Settlement Timing: Immediate (card is funded instantly after conversion)

• Mobile Wallet Integration:

  • Virtual cards can be added to Apple Pay, Google Pay, or Samsung Pay (varies by card type)
  • Enables contactless payments at physical point-of-sale terminals

• Technical Limitations:

  • Lack of 3D Secure (3DS) authentication support causes transaction failures in some European countries
  • No API for programmatic card issuance or management

User Experience

• Platform Access:

  • No standalone mobile app
  • Web-based dashboard accessible via browser
  • Chrome extension for desktop users
  • Mobile access via MetaMask's in-app browser

• Support Channels:

  • Telegram community/channel
  • Email support ([email protected])
  • No traditional phone support

• Common User Feedback:

  • Positive: Privacy, ease of use, instant issuance, mobile wallet integration
  • Negative: High fees, low spending limits, lack of physical cards, transaction failures in some regions

• Merchant Category Restrictions:

  • ATM withdrawals blocked
  • Financial services payments restricted
  • Cryptocurrency purchases likely blocked
  • Gambling transactions likely restricted
  • Money orders and wire transfers prohibited

Best Suited For

• Privacy-conscious individuals who want to spend crypto without KYC requirements
• Crypto holders who need occasional fiat spending capabilities without converting through exchanges
• Digital nomads seeking financial tools that work across borders with minimal documentation
• Users in countries with limited banking options who have access to stablecoins
• Those making moderate-sized purchases (under $1,000) who are willing to pay a premium for privacy

Pros and Cons

Pros

• No identity verification or personal information required
• Instant virtual card issuance and funding
• No monthly fees or transaction fees on purchases
• Mobile wallet integration for contactless payments
• Support for multiple blockchain networks
• Ability to create multiple cards for different purposes

Cons

• High deposit fees (up to 6.8% on U.S. reloadable cards)
• Low spending limit ($1,000 per card)
• No physical cards currently available
• Transaction failures in some European countries due to 3D Secure issues
• No rewards or cashback program to offset fees
• Regulatory uncertainty around no-KYC financial products

Conclusion

Laso Finance's crypto card stands out as a unique financial tool that prioritizes privacy and simplicity over rewards and high spending limits. By offering a no-KYC Visa prepaid card that can be funded with stablecoins, Laso fills an important niche for crypto users who value financial privacy or lack access to traditional banking services.

The card's strengths lie in its instant issuance, broad merchant acceptance, and seamless integration with mobile wallets for contactless payments. The ability to create multiple cards for different purposes and the absence of monthly fees add to its appeal.

However, the high deposit fees (particularly the 6.8% on U.S. reloadable cards) and $1,000 per card limit are significant drawbacks. The lack of 3D Secure support causes transaction failures in some European countries, and the absence of physical cards may be inconvenient for certain use cases.

When comparing fees to benefits, it's important to note that Laso doesn't offer cashback or rewards to offset its deposit fees. Users are essentially paying for privacy and convenience rather than earning rewards on spending. This makes Laso most cost-effective for occasional or strategic use rather than as a primary payment method for all expenses.

Additional Information

Regulatory Considerations

Laso operates in a regulatory gray area by exploiting specific exemptions in FinCEN's Prepaid Access Rule. Fintech Business Weekly highlighted how unusual it is for Stripe Issuing and Celtic Bank to back a no-KYC stablecoin card, suggesting potential for future regulatory scrutiny. Users should be aware that regulatory changes could affect the service, potentially requiring KYC implementation or further restrictions.

Technical Limitations

The lack of 3D Secure authentication support is a significant technical limitation, particularly affecting users in European countries where 3DS is commonly required. Users have developed workarounds such as trying alternative merchants or using the card for in-person payments via mobile wallets, which typically don't require 3DS.

For purchases exceeding the $1,000 limit, users have shared strategies like splitting payments across multiple cards or making partial payments over several days. While cumbersome, these approaches allow for larger purchases while maintaining privacy.

While Laso doesn't offer a dedicated business product, its infrastructure could potentially serve small businesses or decentralized autonomous organizations (DAOs) that operate with crypto. Some web3 projects reportedly use Laso for small team expenses, but this remains an informal use case rather than an officially supported feature.