Iran has introduced Hormuz Safe, a government-supported platform that uses Bitcoin to provide insurance for goods shipped through the Strait of Hormuz.
This new option allows companies facing sanctions to use cryptocurrency to quickly purchase insurance, which could generate significant revenue and further integrate crypto into the international energy market.
Iran’s Bitcoin Insurance Bets Big on Hormuz Risk
Iran’s Ministry of Economic Affairs and Finance launched the platform around May 16-18, 2026. Once a Bitcoin transaction is confirmed, coverage begins automatically, and owners receive a digital receipt as proof.
According to its website, Hormuz Safe offers Iranian shipping companies and cargo owners quick and reliable digital insurance, with payments made using Bitcoin and processed instantly through blockchain technology.
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In a new development, Iran has introduced “Hormuz Safe,” an insurance program for ships passing through the Strait of Hormuz. Payments for this insurance will be made using Bitcoin.
The Iranian government estimates this program could bring in over $10 billion in revenue. Details about how the service will operate are still emerging.
— The Kobeissi Letter (@KobeissiLetter) May 18, 2026
$10 Billion Revenue Target Amid Sanctions
Iranian officials estimate they could earn over $10 billion each year if their new service insures a significant portion of the ships passing through a vital oil transit route – a waterway that carries about 20% of the world’s oil shipments.
This platform is starting by serving Iranian businesses, but it aims to expand to include other companies in the Persian Gulf region who need insurance options because Western insurers are limited by sanctions.
Crypto as Sanctions Lifeline
Hormuz Safe uses Bitcoin and other cryptocurrencies to avoid traditional banking systems like SWIFT. This supports Iran’s plan to profit from its important waterways and lessen its reliance on the US dollar.
The Strait is a particularly dangerous area, and insurance rates have increased sharply because of global political issues. Hormuz Safe provides a solution using cryptocurrency.
The official website hormuzsafe.ir remains under construction but promises full details soon.
Shipping companies worldwide and government agencies will be carefully monitoring how well this is implemented, any potential issues with following the rules, and how the U.S. might react with further penalties.
If successful, using cryptocurrency in shipping could become more common and might inspire other countries facing sanctions to do the same.
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2026-05-18 15:52