"The platform, backed by Iran's Ministry of Economy and Financial Affairs, was first reported by the IRGC-affiliated Fars News Agency, which cited internal government documents, according to Bloomberg reporting."
"The Hormuz Safe website describes the service as offering “fast, verifiable digital insurance - paid via bitcoin and settled at the speed of blockchain.” Coverage under the proposed scheme includes risks from vessel inspection, detention, and confiscation, with war-damage claims excluded."
"In March 2026, Iran's parliament passed the Strait of Hormuz Management Plan, a law that codified a transit toll system the Islamic Revolutionary Guard Corps had been operating since mid-March. Under that framework, the IRGC extracts fees from vessels seeking passage, with operators required to submit vessel ownership details, cargo type, destination, and crew information to an IRGC-linked intermediary before receiving a permit code."
"Bitcoin became a formal payment option in April, when Hamid Hosseini, spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, told the Financial Times that shipping companies could settle Hormuz transit fees in bitcoin or other non-dollar currencies includ"
Hormuz Safe is a proposed maritime insurance platform for cargo owners and shipping companies transiting the Strait of Hormuz and the Persian Gulf. The service is backed by Iran’s Ministry of Economy and Financial Affairs and is described as fast, verifiable digital insurance paid via bitcoin and settled at blockchain speed. Coverage is intended to include risks from vessel inspection, detention, and confiscation, while war-damage claims are excluded. The Ministry had been developing the framework since April, and it was unclear whether the platform was operational at the time of reporting. The launch formalizes financial mechanisms around the strait, including a transit toll system codified by parliament in March 2026. Bitcoin also became a formal payment option in April for settling Hormuz transit fees.
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