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>>Iran has introduced a new, crypto-backed insurance service for ships traversing the Strait of Hormuz.

Iran has introduced a new, crypto-backed insurance service for ships traversing the Strait of Hormuz.

crypthub

5/18/2026, 7:23:10 PM

Hormuz Safe Launch

Iran introduced Hormuz Safe, a Bitcoin‑backed marine insurance for vessels crossing the Strait of Hormuz. The service targets Iranian shipping firms and cargo owners and promises over $10 billion in annual revenue. Coverage begins with a signed receipt at cargo confirmation, and the platform already offers basic insurance and encrypted vessel verification despite a pending full website launch.

New Strait Authority

The Supreme National Security Council created the Persian Gulf Strait Authority (PGSA) to provide live operational data for the strait. Hormuz Safe will operate under PGSA, offering insurance and encrypted certification for ships. Proceeds from the new toll system are intended to fund repairs from recent US‑Israeli bombings.

International Opposition

Both the United States and China have voiced opposition to tolling the strait, and UN Secretary‑General António Guterres has called for free passage without discrimination. The UN Convention on the Law of the Sea prohibits levying fees on vessels in international waterways. No official denial has been issued by China regarding its stance.

Insurance Market Impact

War‑risk insurance premiums for Gulf routes have surged, with rates five times higher after recent air raids. Major insurers initially withdrew, though some, like Chubb, returned with state‑backed guarantees. Some ships are already paying up to $2 million per transit, yet no carrier has yet adopted Hormuz Safe.