Iran has officially launched Hormuz Safe, a state-backed Bitcoin-settled maritime insurance platform for cargo transiting the Strait of Hormuz. According to reports from Bloomberg citing documents obtained from the Ministry of Economy and Financial Affairs, the platform issues marine insurance policies and digital financial responsibility certificates for commercial vessels, with premiums payable in Bitcoin and other cryptocurrencies — entirely outside traditional SWIFT-based banking channels. As stated on the official website hormuzsafe.ir, the service provides 'fast, verifiable digital insurance' for Iranian shipping companies and cargo owners, with payments settled in Bitcoin. The shipment will be covered from the moment of confirmation and signed receipt will be given to the owner. However, Bloomberg reports that the platform's website appears to be inaccessible outside Iran, and the service is currently limited to Iranian entities. According to Fars news agency, the platform's rules describe 'fast and cryptographically verifiable insurance policies' for cargo moving through the Persian Gulf, the Strait of Hormuz, and surrounding waterways, with coverage activating immediately upon blockchain confirmation.
The insurance launch coincides with Iran's establishment of the Persian Gulf Strait Authority (PGSA), officially launched by the Supreme National Security Council on Monday. According to Bloomberg, the PGSA is described as the 'legal entity and representative authority of the Islamic Republic of Iran for the management of traffic through the Strait of Hormuz'. The authority provides 'real-time updates' on operations and the latest developments in the strait, a critical chokepoint through which 20 percent of the world's oil and gas passes in peacetime. Since the US-Israel war began on February 28, Iranian officials and lawmakers have repeatedly floated the idea of imposing transit charges or security fees on ships using the Strait of Hormuz, with Tehran already admitting to receiving tolls from ships attempting to pass through the key waterway. According to Bloomberg, the government and the Islamic Revolutionary Guard Corps have been looking to formalize control over the waterway, including imposing tolls and other fees.
Iranian officials project more than $10 billion in annual revenue if the service captures a meaningful share of insurance for traffic through the world's critical oil chokepoint. According to Bloomberg, the Strait of Hormuz handles approximately one-fifth of global daily oil supply, making it one of the world's most critical energy arteries. The platform initially focuses on Iranian entities but signals broader ambitions for Persian Gulf operators seeking alternatives to Western insurers restricted by sanctions. However, Bloomberg notes that it's far from certain an insurance system for shipping based on Bitcoin would be feasible, as unlike stablecoins pegged to fiat currencies, Bitcoin is highly volatile — a feature that has limited its adoption as a payment mechanism. The Iranian government claims the scheme could generate more than $10 billion in revenue for the country, though no time frame or detailed breakdown was provided. The service was reportedly being explored by Iran's Economy Ministry since late April, according to Fars news agency.
The proposed insurance scheme faces significant international opposition, with the US Department of State stating this month that international waterways must remain open to global shipping and that no country should impose unilateral tolls on transit passage. According to Bloomberg, China has also voiced opposition to any move restricting free navigation through the waterway. The United Nations Convention on the Law of the Sea (UNCLOS) states that levies cannot be charged on ships sailing through international straits or territorial seas. Since the war began, global maritime insurers have sharply increased war-risk premiums for ships entering the Gulf, with insurance costs rising as much as fivefold within days of the first US-Israeli strikes. Several leading insurers, including Gard, Skuld, NorthStandard, and the American Club, cancelled war-risk coverage for Gulf region operations, though some later re-entered the market with government-backed support. Observers note that Bitcoin's public ledger could actually work against Iran's goals, as Iran-linked wallet addresses would be exposed on-chain and related coins could become 'tainted' as blockchain analytics firms flag those flows.
While the technical model may be 'feasible but difficult to scale beyond sanctioned or niche trade channels', according to observers, the platform faces significant practical challenges. Ryan Yoon, senior analyst at Tiger Research, called the platform's technical and legal viability 'highly doubtful', noting no confirmed users despite its reported launch. He added that any shipping company using Hormuz Safe faces 'immediate expulsion from the global financial system' due to U.S. secondary sanctions risk. Scammers have already moved to exploit the situation, with reports of fraudsters impersonating Iranian authorities and demanding Bitcoin or USDT from ships seeking transit clearance through the strait. As Agne Linge, board advisor to Wefi, told Decrypt, Bitcoin helps route around sanctions but remains a limited solution because liquidity constraints, traceability, and fiat off-ramps still create exposure. The platform's 'fast and cryptographically verifiable insurance policies' may be technically possible but face significant implementation challenges in the current geopolitical environment.
