Iran has now officially launched what it calls "Hormuz Safe", a digital based insurance payable by Bitcoin to enable safe passage through the Strait of Hormuz under the care of a new Iranian department - Persian Gulf Strait Authority - that will oversee initially Iranian maritime traffic through the Strait.
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Iran Launches Bitcoin-Based Insurance Scheme for Ships Crossing Hormuz (gCaptain / Bloomberg - May 18, 2026)
Iran has started a Bitcoin-backed insurance service for Iranian shipping companies that want to transit the Strait of Hormuz, the semi-official Fars news agency reported, citing documents obtained from the country’s Ministry of Economy and Financial Affairs.
According to a screen shot of the insurance company’s website, dubbed Hormuz Safe and shared by Fars news, it “provides Iranian shipping companies and cargo owners with fast, verifiable digital insurance.” Fars didn’t give a detailed break down of how the insurance works and whether it’s available to foreign shipping companies and vessels.
Iran is heavily sanctioned by the US and its use of cryptocurrencies like Bitcoin and Tether has ballooned since President Donald Trump started targeting its economy and energy exports during his first administration.
Iran has effectively shut the Strait of Hormuz — a major conduit for global energy supplies and other goods — since the US and Israel began airstrikes against the country on Feb. 28. The government and the Islamic Revolutionary Guard Corps have since been looking to formalize control over the waterway, including imposing tolls and other fees. An insurance service could be another means to raise funds.
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On Monday, Iran’s Supreme National Security Council officially launched the Persian Gulf Strait Authority, a body created to manage traffic in the Strait of Hormuz. According to an account on X, the PGSA is the “legal entity and representative authority of the Islamic Republic of Iran for the management of traffic through the Strait of Hormuz.”
It’s unclear the extent to which the Hormuz Safe insurance service is tied directly to the IRGC or the government’s wider plans to consolidate an official toll system. Fars is closely affiliated with the Guards.
A screenshot of the Hormuz Safe
