Iran’s Ministry of Economy and Financial Affairs has backed a new maritime insurance platform called Hormuz Safe, which settles policies in bitcoin and targets cargo owners and shipping companies operating through the Strait of Hormuz and the Persian Gulf. The supporting evidence appears in reached.
The platform’s website describes the service as offering “fast, verifiable digital insurance, paid via bitcoin and settled at the speed of blockchain,” covering risks including vessel inspection, detention, and confiscation, though war-damage claims are excluded.
The initiative was first disclosed by Fars News Agency, citing internal government documents, with the Ministry reported to have begun developing the framework in April 2026.
Revenue projections cited in those documents exceed $10 billion, though it was not independently confirmed whether Hormuz Safe had processed any live policies as of the time of reporting.
Bitcoin Becomes the Settlement Currency of Geopolitical Chokepoints
The insurance platform extends financial infrastructure Iran has been constructing around the strait for several months. In March 2026, Iran’s parliament passed the Strait of Hormuz Management Plan, codifying a transit toll regime that the Islamic Revolutionary Guard Corps had already been operating.
Under that system, vessel operators must submit ownership details, cargo type, destination, and crew information to an IRGC-linked intermediary in exchange for a passage permit.
Transit fees start at roughly $1 per barrel of oil, with a fully loaded vessel facing charges of up to $2 million.
Bitcoin became an official payment option in April, when Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, confirmed to the Financial Times that shipping firms could settle fees in bitcoin or non-dollar currencies including the Chinese yuan.
Iran’s preference for bitcoin is rooted in its resistance to asset freezes under U.S. Treasury sanctions.
Sam Lyman, research director at the Bitcoin Policy Institute, summarized the government’s calculus bluntly: “No one can freeze it.”
Years of State Level Bitcoin Infrastructure Behind the Move
Iran legalized industrial bitcoin mining in 2019 and once accounted for as much as 4.2% of global hashrate before military strikes damaged significant portions of that infrastructure. The government has since used mined bitcoin to fund imports and offset oil revenue shortfalls.
According to Chainalysis data on Iranian crypto activity, the country’s crypto ecosystem reached an estimated $7.8 billion in 2025, with IRGC-linked transactions accounting for roughly 50% of total domestic crypto volume by the fourth quarter of that year. Hormuz Safe represents the most institutionalized expression yet of that broader strategy, binding sanctions evasion, infrastructure monetization, and geopolitical leverage into a single commercial product.
Not Financial Advice: This article is for informational purposes only. Crypto investments are highly volatile. Always do your own research.
