Iran Starts Bitcoin-Backed Ship Insurance for Hormuz Strait

Vessels anchored in the Strait of Hormuz, near Khasab, Oman, on May 17.Source: AFP/Getty Images

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By Golnar Motevalli

May 18, 2026 at 12:29 PM UTC

Updated on

May 18, 2026 at 3:31 PM UTC

Iran has started a Bitcoin-backed insurance service for Iranian shipping companies that want to transit the Strait of Hormuz, the semi-official Fars news agency reported, citing documents obtained from the country’s Ministry of Economy and Financial Affairs.

According to a screen shot of the insurance company’s website, dubbed Hormuz Safe and shared by Fars news, it “provides Iranian shipping companies and cargo owners with fast, verifiable digital insurance.” Fars didn’t give a detailed break down of how the insurance works and whether it’s available to foreign shipping companies and vessels.