Overview
Iran has announced a new marine insurance offering denominated and settled in Bitcoin to cover shipments moving through the Persian Gulf, the Strait of Hormuz and nearby waters, according to documents from the country's Ministry of Economy and Financial Affairs cited by the semi-official Fars news agency. The program, branded Hormuz Safe, is presented as a cryptographically verifiable insurance mechanism aimed at Iranian shipping firms and cargo owners.
Revenue claims and operational details
Fars reported that Hormuz Safe "could" generate in excess of $10 billion in revenue for Iran, but the agency did not provide a timeframe or a breakdown of how that figure would be achieved. According to a screenshot of the service's website, payments for covered losses would be settled in Bitcoin and coverage becomes effective upon confirmation, with signed receipts issued to owners.
Context of tighter control over transit
The launch arrives as Iran has tightened its grip on the main oil transit corridor after airstrikes by the US and Israel that began on Feb. 28. Iranian authorities and the Islamic Revolutionary Guard Corps have been working to formalize control of the waterway through a combination of tolls and fees. As part of that process, some commercial traffic has been allowed to follow a designated route near Iran's coast, in certain cases only after payments reportedly as high as $2 million were requested.
Separately, the United States has imposed a blockade on Iranian ports in response to the disruptions.
Scope, target customers and use of cryptocurrencies
The Hormuz Safe website screenshot shared by Fars indicates the service is intended for Iranian shipping companies and cargo owners. The report also notes that Iran's use of cryptocurrencies such as Bitcoin and Tether has increased since President Donald Trump targeted the country's economy and energy exports during his first administration.
Fars said the policies will be cryptographically verifiable, with payout settlements processed in Bitcoin and confirmation receipts provided to owners upon activation of coverage.
Links to state actors and transparency questions
Fars is affiliated with the Islamic Revolutionary Guard Corps, and the connection between Hormuz Safe and IRGC operations or government toll plans remains unclear based on the reporting. The agency did not detail whether the insurance product is operated by a state entity, a private firm, or a hybrid structure.
Official statements
Ebrahim Azizi, head of Iran's parliamentary commission for national security, said a professional mechanism to manage strait traffic along the designated route would be unveiled soon. Azizi said only commercial vessels and parties cooperating with Iran would benefit from the route, adding that fees will be charged for specialized services. He also indicated that parties participating in the US-Israeli conflict with Iran would be banned from using the route. His remarks were posted on the social platform X.
Regional shipping disruptions and security
According to the United States military, more than 1,500 commercial vessels were trapped in the Persian Gulf as of early May. The reporting says regional oil producers have been forced to curtail output as storage space has filled up. The U.S. and Iran have maintained what was described as a "shaky" ceasefire since early April. On the diplomatic front, former President Donald Trump posted a warning on Truth Social saying Iran should "better get moving, FAST, or there won't be anything left of them," a message that reflects continued tension between the parties. Both sides have rejected each other's demands and have been unable to agree on restarting peace talks.
Open questions
Key operational and governance aspects of Hormuz Safe remain unspecified in the available reporting: the provider's legal status, claims-handling procedures, reserves or capital backing, and the timing over which the projected revenues might materialize were not disclosed. The Fars article also did not clarify the degree of coordination, if any, between the insurance initiative and the tolling or payment requests reportedly being levied on transiting vessels.
This report summarizes information contained in documents and website material cited by Fars and statements made by Iranian officials. It reflects the details as presented in those sources and does not introduce additional facts beyond that reporting.