Iran is trying to turn one of the world’s most tense maritime routes into a new source of income. The country’s authorities announced the launch of Hormuz Safe—a ship and cargo insurance service in the Strait of Hormuz using bitcoin and crypto infrastructure.
The project is primarily aimed at Iranian shipping companies and cargo owners. According to Tehran’s estimates, the system could generate more than $10 billion a year. Amid war, sanctions, and rising risks in the Persian Gulf, the authorities are simultaneously trying to strengthen control over the route and profit from transit.
The Strait of Hormuz Becomes Part of Crypto Infrastructure
Hormuz Safe is positioned as a cargo and ship insurance service for passage through the Strait of Hormuz. After the route is confirmed, the cargo owner receives a signed receipt, and insurance coverage begins automatically.
Iranian media report that the platform has already started offering services, although the project’s full website is still being launched. The system also plans to include encrypted ship verification and route confirmation.
This is an unusual step for the crypto market. Until now, blockchain in maritime logistics was mainly used for document management and cargo tracking, not for insuring one of the world’s most strategically important energy routes.
Authorities Create Separate Structure to Control the Strait
At the same time, Iran announced the creation of a new organization—the Persian Gulf Strait Authority. It will be responsible for managing information around the strait and supporting operations.
Iran’s National Security Council stated that the structure should provide real-time data on the situation in the strait, ship movements, and new restrictions. In effect, Tehran is forming a separate control center for the region’s key trade route.
Against this backdrop, Hormuz Safe appears not just as an insurance service, but as part of a broader system of control over the passage of ships through the Strait of Hormuz.
Iran Wants to Offset the Consequences of War
Tehran openly states that the new system should help cover costs after nearly six weeks of US and Israeli strikes on the country. Before the conflict, ships passed through the strait without special fees, but now the situation is changing.
As early as spring, media reported that some commercial ships were already facing additional charges for passage. In some cases, amounts reached about $2 million per trip.
The main question now is whether Hormuz Safe insurance will be a mandatory addition to these costs or a separate voluntary product. So far, Iranian authorities have not given a clear answer.
US, China, and UN Oppose the Fees
Iran’s attempt to monetize passage through the Strait of Hormuz is already facing resistance from major players. The US and China have opposed any fees for using the route.
After meeting with Xi Jinping, the White House stated that China does not support militarization of the strait or the introduction of fees for its use. UN Secretary-General António Guterres also demanded to maintain free passage without discrimination and additional restrictions.
The issue here is not only political. A huge share of the world’s oil and gas supplies passes through the Strait of Hormuz, so any restrictions automatically become a global economic risk.
Ship Insurance in the Region Has Risen Sharply
Military actions have already seriously changed the marine insurance market. After the start of US and Israeli strikes, war risk insurance rates for ships in the Persian Gulf increased several times in just a few days.
Major international insurers, including Gard, Skuld, NorthStandard, and American Club, initially refused to insure ships in the region at all. Later, some companies returned to the market only with government guarantees.
For example, Chubb launched a $20 billion war risk insurance program in the US for commercial ships passing through the Strait of Hormuz. But even this did not allay carriers’ concerns.
Shipping Companies Continue to Avoid the Region
Despite attempts to stabilize the situation, many carriers remain cautious. Companies fear attacks, ship seizures, crew problems, and sharply rising costs.
Even without direct strikes, the risk of conflict alone makes passage through the Persian Gulf much more expensive. For shipping companies, this means higher insurance premiums, security costs, and route delays.
Against this backdrop, Iran is trying to integrate its own service into the resulting vacuum. Hormuz Safe is meant to show that the country can independently organize an escort and insurance system in the region.
Bitcoin Becomes Part of Geopolitics
The use of bitcoin in such a system looks especially symbolic. Cryptocurrencies have long been used by Iran as one of the ways to bypass financial restrictions and international sanctions.
Now crypto infrastructure is gradually entering the field of strategic logistics. This increases the concerns of Western regulators, who already see stablecoins and public blockchains as potential tools for circumventing restrictions.
For the crypto market, the story is also important because it shows a new role for digital assets. Blockchain is beginning to be used not only for trading or transfers, but also as part of insurance, logistics, and international trade systems.
What’s Next?
So far, no major country or international shipping company has publicly announced its readiness to use Hormuz Safe. This means the project still has to prove its viability.
But the very idea shows how quickly crypto infrastructure is beginning to intersect with geopolitics and global trade. If Iran manages to integrate cryptocurrencies into the system for passage through the Strait of Hormuz, it could create a new precedent for the use of blockchain in international logistics and sanctioned jurisdictions.
At the same time, the risks remain enormous. Any escalation around the strait could hit not only the oil market, but also the new financial schemes that Iran is trying to build around this route.
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