Iran Starts Bitcoin-Backed Ship Insurance for Hormuz Strait
Iran has launched a Bitcoin-backed insurance service aimed at supporting its shipping companies in the Strait of Hormuz. The service, named Hormuz Safe, offers fast and verifiable digital insurance for Iranian vessels and cargo owners. Details on the availability of this insurance for foreign shipping companies remain unclear.
- ▪Iran has initiated a Bitcoin-backed insurance service for its shipping sector.
- ▪The service is called Hormuz Safe and is designed for vessels transiting the Strait of Hormuz.
- ▪The insurance aims to provide fast and verifiable coverage for Iranian shipping companies.
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PoliticsIran Starts Bitcoin-Backed Ship Insurance for Hormuz StraitFacebookXLinkedInEmailLinkGiftExpandVessels anchored in the Strait of Hormuz, near Khasab, Oman, on May 17.Source: AFP/Getty ImagesFacebookXLinkedInEmailLinkGiftGift this articleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowFacebookXLinkedInEmailLinkGiftBy Golnar MotevalliMay 18, 2026 at 12:29 PM UTCUpdated on May 18, 2026 at 3:31 PM UTCBookmarkSaveIran 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.
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