Iran is reportedly developing a crypto-based maritime insurance system that could enable shipping-related payments to bypass traditional banking networks and the SWIFT system, according to Iranian state media.
The proposed platform, called “Hormuz Safe,” is expected to be linked to vessels passing through the Strait of Hormuz, a critical global oil shipping route that handles roughly 20% of the world’s crude trade.
Under the system, ships and cargo moving through the Strait of Hormuz and the Persian Gulf would be offered insurance coverage, with premiums paid in cryptocurrencies such as Bitcoin.
The model is designed as a fully digital system in which shipping operators could choose coverage options, pay via crypto assets, and receive digital insurance certificates once blockchain verification is completed. This would reduce reliance on international banks and insurers tied to the SWIFT network.
By adopting crypto-based settlements, Iran could potentially limit exposure to sanctions, secure payments in non-traceable digital assets, and maintain greater control over maritime transactions in its territorial waters.
However, officials and analysts have also raised concerns about potential fraud risks, including impersonators demanding cryptocurrency payments for fake “safe passage” services.
Iranian authorities say the system will operate in a controlled and secure environment designed to prevent hacking and misuse.
