Iran has introduced a new maritime insurance system that allows shipping firms to pay premiums using crypto, marking another step in the country’s broader push to reduce dependence on traditional financial networks while operating under international sanctions.
The platform, named Hormuz Safe, was launched by the country’s Ministry of Economy and is aimed at vessels transporting cargo through the Persian Gulf and the Strait of Hormuz.
Hormuz Safe offers marine insurance policies and digital liability certificates, allowing shipping companies to pay premiums using Bitcoin and other cryptos rather than relying on conventional banking systems such as SWIFT. The platform promotes itself as a faster and more transparent alternative, with payments processed through blockchain technology.
Reports indicate that coverage begins as soon as a crypto payment is confirmed on-chain. Iran International stated that the system issues encrypted, digitally signed receipts to verify transactions and reduce delays linked to cross-border banking. During its initial rollout, the platform is expected to focus on risks such as inspections, confiscation, and vessel detention. However, standard insurance plans do not cover damage caused by direct military attacks.
Iranian officials estimate the project could eventually generate at least $10 billion annually if it secures a sizeable portion of the regional shipping insurance market. No outside institution has independently confirmed those projections.
Still, the strategic significance of the Strait of Hormuz gives weight to Tehran’s ambitions. The narrow passage between Oman and Iran carries close to 20% of the world’s daily oil supply, making it one of the most important energy corridors globally.
The launch also follows growing Iranian attempts to profit from maritime traffic moving through the strait. Earlier this year, Reuters reported that ships crossing the strait were being charged around $1 in crypto for every barrel of oil transported. Meanwhile, some tankers allegedly faced charges approaching $2 million during periods of heightened regional tensions.
Hormuz Safe also emerges as Iran continues to face broad U.S. and European sanctions targeting its financial networks, shipping industry, and energy exports. By accepting crypto for insurance payments, the platform appears intended to reduce reliance on dollar-based banking channels.
At the same time, Washington has increased pressure on Iran’s digital financial operations, reportedly freezing almost $500 million in Iranian cryptocurrency assets in April. This is in addition to the $344 million in USDT that issuer Tether blocked across two Tron wallet addresses following a request tied to the Office of Foreign Assets Control (OFAC).
Shipping operators weighing participation in Hormuz Safe may also face legal complications. U.S. secondary sanctions could expose foreign companies to penalties for conducting business linked to sanctioned Iranian entities.
Questions about legitimacy have surfaced as well. Maritime risk consultancy MARISKS warned companies about fraudsters impersonating Iranian authorities and demanding crypto payments for supposed safe passage.
Major crypto exchanges like Coinbase Global Inc. (NASDAQ: COIN) will be monitoring how the Hormuz Safe plan plays out since it could in one way or the other have broader impacts as the funds raised circulate within the blockchain system.
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