A system and method are provided in which a cryptographic key stored in a secure token such as a smart card can be copied to another smart card with high security and assurance with no intermediary being able to see what is being transferred. According to the invention, a host assisting in the transfer and a source smart card mutually authenticate themselves with each other. The host and a destination smart card also mutually authenticate themselves with each other. Then, the source card authenticates the destination card to ensure that the destination card is permitted to receive the cryptographic key of the source card. The source card then sends the cryptographic key to the destination card in a secure manner.