Iran has introduced a Bitcoin-settled insurance service for domestic shipping companies and cargo owners seeking to move through the Strait of Hormuz, according to documents cited by the semi-official Fars News Agency.
The service, named Hormuz Safe, is described as a digital insurance platform for Iranian maritime operators. Fars referred to screenshots from the platform’s website but did not provide full details on how the policy structure works or whether non-Iranian vessels can use it.
Under the reported mechanism, insurance for shipments passing through the Persian Gulf, the Strait of Hormuz and nearby waters would be settled in Bitcoin. Coverage would begin after confirmation, with a signed digital receipt issued to the cargo owner.
The plan comes as Iran continues to face US sanctions and has expanded its use of cryptocurrencies, including Bitcoin and Tether, after Washington targeted its economy and energy exports during President Donald Trump’s first administration.
The Strait of Hormuz has remained a central point of tension since the US and Israel began airstrikes against Iran on 28 February. Iran’s government and the Islamic Revolutionary Guard Corps have since sought to formalize control over the waterway through tolls, fees and designated routes.
Fars did not clarify whether Hormuz Safe is directly linked to the government’s broader toll system or to the IRGC. The report noted that Fars is closely affiliated with the Guards.
The feasibility of a Bitcoin-based marine insurance model remains unclear. Bitcoin’s volatility could complicate payment and claims handling, while foreign shipowners may avoid the mechanism because of potential exposure to US sanctions.
The insurance report came as Iran launched the Persian Gulf Strait Authority, a body presented as the country’s official entity for managing traffic through the Strait of Hormuz. Iranian officials also said a professional mechanism for designated vessel movement would be unveiled.
Ebrahim Azizi, head of Iran’s parliamentary commission for national security, said commercial vessels and parties cooperating with Iran would be able to benefit from the planned system. He added that fees would be collected for specialized services, while parties involved in the US-Israeli war on Iran would be barred from the route.
The reports also drew attention to Iranian businessman Babak Zanjani, who promoted the idea of a Hormuz shipping insurance scheme on 8 May and later shared details of Hormuz Safe shortly after the Fars report was published. Zanjani was released from prison last year after his death sentence was commuted. He had previously been arrested over the embezzlement of billions of dollars from Iran’s oil ministry.
Iran’s foreign ministry spokesman Esmail Baghaei said Iranian and Omani officials held meetings last week on joint efforts to develop a safe-passage mechanism for vessels using the Strait.
Source: Bloomberg
