Iran is exploring a new crypto-based maritime insurance system that could allow shipping payments to bypass traditional banking channels and the SWIFT network, Iran state media reported today.
The proposed platform named “Hormuz Safe” is said to be linked to vessels passing through the strategically vital Strait of Hormuz, one of the world’s most important oil shipping routes, handling nearly 20 percent of global crude trade.
The system would offer insurance coverage for ships and cargo moving through the strait and Persian Gulf, with premiums payable in Bitcoin and other cryptocurrencies.
The model is said to operate fully online, where shipping operators could select coverage, pay in crypto assets, and receive digital proof of insurance after blockchain confirmation. This structure would remove reliance on traditional banks and international insurers connected to SWIFT.
By using crypto-based settlements, Iran could potentially reduce exposure to sanctions, secure payments in non-seizable digital assets, and maintain tighter control over maritime activity in its waters.
At the same time, fraudulent actors may attempt to exploit the situation by posing as officials and demanding crypto payments for fake “safe passage” services.
Iran continues to assure that the new system will be executed safely and in a controlled environment, free from hackers.
