Iran may be trying to turn the Strait of Hormuz into an insurance market.
State-linked Fars News reported that Iran’s economy ministry has been working on a plan to manage shipping through the Strait using marine insurance policies and financial responsibility certificates, with payments settled in bitcoin.
The platform, called Hormuz Safe, is said to offer cover for maritime cargo moving through the Persian Gulf, the Strait of Hormuz and nearby waterways. Fars said that policies would be issued quickly, carry cryptographic verification and become active once payment is confirmed.
A signed digital receipt would then be provided to the cargo owner. The website listed in the report appeared to show only a landing page. Full policy terms, underwriters, exclusions and claims procedures were not immediately available.
CoinDesk could not independently verify whether Hormuz Safe is operational or whether any cargo owners have used it.
Fars said the model could generate more than $10 billion for Iran, but did not explain how that figure was calculated.
The plan appears to give Iran a way to monetize its position around the Strait without imposing a direct toll on vessels. The Strait of Hormuz is one of the world’s most important energy chokepoints, with a major share of global oil shipments passing through it.
An insurance structure would be less blunt than a toll. Cargo owners would not be paying explicitly for passage, at least on paper, but would be buying cover, financial responsibility certification or inspection-related insurance for vessels moving through waters Tehran says it can secure.
Iran has long looked for ways to reduce reliance on dollar-based systems under sanctions pressure, which is where bitcoin comes in. A BTC-settled maritime insurance product would fit that effort, while creating immediate compliance risk for shipowners, traders and insurers.
Payments to Iranian state-linked entities can still trigger sanctions exposure, whether they move through banks, stablecoins or bitcoin. Any company using Hormuz Safe would likely need legal review before interacting with the platform.
The proposal is still early and details remain thin. But if Hormuz Safe becomes operational, it would place bitcoin at the center of one of the world’s most sensitive trade routes, as a settlement tool for an Iran-linked insurance product tied to cargo movement through the Strait of Hormuz.
