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Iran Launches Digital Insurance for Hormuz Strait Navigation Security, Settled in Bitcoin and Other Cryptocurrencies

2026.05.18 09:40:04

May 18 – Iran has launched Hormuz Safe, a state-run digital marine insurance platform that issues maritime policies for vessels transiting the Persian Gulf and Strait of Hormuz and settles premium payments via Bitcoin and other cryptocurrencies. According to reports, the platform is backed by Iran’s Ministry of Economy, with the explicit goal of bypassing SWIFT and Western financial intermediaries to cut reliance on traditional global financial systems. Supporters within the Iranian government project that if Hormuz Safe gains a meaningful share of the Persian Gulf maritime insurance market, its revenue could top $10 billion. That said, the platform faces major hurdles: it lacks formal international recognition, carries risks of U.S. secondary sanctions, and its initial client base is expected to be limited to vessels already operating in the sanctioned shipping gray area.
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