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Iran is reportedly introducing a maritime insurance platform utilizing bitcoin for settlements, known as Hormuz Safe. This initiative aims to serve cargo owners and shipping entities navigating the Strait of Hormuz and the Persian Gulf, with an anticipated revenue generation exceeding $10 billion for the Islamic Republic.
The platform, with endorsement from Iran’s Ministry of Economy and Financial Affairs, was initially brought to light by the IRGC-affiliated Fars News Agency. Their report referenced internal government documents, according to information shared by Bloomberg.
The Hormuz Safe website characterizes its service as providing “swift, verifiable digital insurance—paid using bitcoin and finalized at the pace of the blockchain.” The proposed coverage plan encompasses risks such as vessel inspection, detention, and seizure, explicitly excluding claims related to war damage. Documents acquired by Fars indicate that the Ministry has been in the process of developing this framework since April.
As of the current reporting period, it has not been possible to ascertain whether the platform has commenced operations or handled any actual insurance policies.
This introduction signifies the consolidation of financial strategies Iran has been establishing in the region over recent months. In March 2026, Iran’s parliament sanctioned the Strait of Hormuz Management Plan, a legislative measure that formalized a system of transit fees previously managed by the Islamic Revolutionary Guard Corps since mid-March.
Within this established system, the IRGC levies charges on vessels seeking passage. Ship operators are mandated to furnish details regarding vessel ownership, cargo type, destination, and crew particulars to an intermediary connected with the IRGC before being issued a transit permit. The fees commenced at approximately $1 per barrel of oil, potentially reaching up to $2 million for a vessel carrying a full consignment.
Bitcoin as Legal Tender in Iran
Bitcoin was officially recognized as a payment method in April. At that time, Hamid Hosseini, the spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, informed the Financial Times that shipping companies were permitted to settle Hormuz transit dues using bitcoin or other non-dollar currencies, such as the yuan. Iran’s inclination towards bitcoin is attributed to its inherent resistance to confiscation or freezing—a crucial attribute for a nation operating under extensive sanctions imposed by the U.S. Treasury.
“It cannot be frozen by anyone,” stated Sam Lyman, research director at the Bitcoin Policy Institute, regarding Tehran’s rationale.
This action builds upon years of state-level engagement with bitcoin. Iran officially recognized industrial bitcoin mining in 2019 and was once responsible for as much as 4.2% of the global hashrate before military actions by the U.S. and Israel impacted a significant portion of that infrastructure.
Iran’s cryptocurrency sector was valued at an estimated $7.8 billion in 2025. Transactions involving entities linked to the IRGC accounted for approximately 50% of the nation’s total crypto transaction volume by the fourth quarter of that year. The government has utilized mined bitcoin to finance imports and mitigate shortfalls in oil revenue, with state mining costs estimated at around $1,300 per coin.
Hormuz Safe represents Iran’s most prominent endeavor to date in transforming its strategic control over a crucial waterway, through which approximately 20% of global oil supply transits, into a revenue-generating financial instrument—denominated in a currency impervious to foreign governmental control.
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Micah ZimmermanMicah initially encountered Bitcoin in 2018 but remained hesitant for an extended period. Since 2021, he has reported on cryptocurrency and business, and currently serves as a news reporter for Bitcoin Magazine, based in North Carolina.RELATED ARTICLES NEWS
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Information compiled from materials : bitcoinmagazine.com