Iran Introduces Bitcoin-Based Shipping Insurance Service

Iran has launched a novel shipping insurance service, Hormuz Safe, which uses Bitcoin as a payment method. The initiative aims to provide protection for Iranian shipping companies and cargo owners transiting the Strait of Hormuz and surrounding waterways.

The new service offers digital insurance policies that are cryptographically verifiable, with premiums and claims settled in Bitcoin. Coverage begins from the moment of confirmation, with a signed digital receipt issued to the cargo owner.

The announcement coincided with the formal launch of the Persian Gulf Strait Authority, a government body responsible for managing traffic through the strait, collecting transit fees, and designating approved shipping routes.