Iranian media says a proposed maritime insurance framework tied to the Strait of Hormuz could use bitcoin for settlement and generate more than $10 billion in revenue for Iran. That estimate comes from Fars News, which did not publish the methodology behind the figure.
Hormuz Safe remains light on public details
The plan centers on a platform called Hormuz Safe, presented as a specialized insurance service for maritime freight moving through the Persian Gulf, the Strait of Hormuz, and nearby waters. Fars News reported that once a policy payment is confirmed, coverage would take effect, be cryptographically verified, and a digital receipt would be sent to the cargo owner.
Public documentation is still thin. The website currently shows only a landing page, with no posted policy terms, insurers, exclusions, or claims procedures. Based on the information now available, it is still unclear whether Hormuz Safe is live or whether any shipping companies have used it. A CoinDesk review also did not find conclusive evidence that the service has launched.
Revenue thesis is tied to Iran’s strategic maritime position
Fars News argues that the model could bring in over $10 billion, but it has not explained how that number was calculated. The broader idea is that Iran could monetize its position without imposing a direct transit toll, instead offering vessels insurance, liability documents, and compliance certificates.
The Strait of Hormuz is one of the world’s key energy chokepoints, with a large share of global energy shipments passing through it. Under this structure, shipowners would avoid a formal transit fee and purchase insurance or related documentation instead. If such paperwork were required before entering waters Iran says it secures, the arrangement could function as an indirect charge.
Bitcoin fits sanctions-era payment strategy, but legal risks remain
Using bitcoin for these payments aligns with Iran’s long-running effort to reduce reliance on dollar-based financial channels while operating under international sanctions. Applying BTC to high-value maritime insurance transactions would push that strategy into a sensitive part of global trade.
Legal exposure still stands. The report notes that payments tied to Iranian entities may carry sanctions risk regardless of whether they move through banks, stablecoins, or bitcoin. Shipping firms considering such transactions would still need to examine the legal consequences before moving funds.
No full public framework for rollout or regulation has been released so far, and there is no confirmation on whether or when the project will formally begin operations. For now, the public record confirms the proposal and its stated goals, but not an active launch.