Iran Launches Crypto Insurance Platform for Strait of Hormuz Transit

Iran has launched a digital insurance platform called Hormuz Safe to cover commercial vessels transiting the Strait of Hormuz. The system accepts cryptocurrency payments and is being developed by the Iranian Economy Ministry. The platform will initially provide coverage for inspection, detention, and confiscation risks. Damage from military attacks is excluded from the policies.

Under the plan, Iran would issue marine insurance policies and certificates of financial responsibility. The ministry estimates the approach could generate over $10 billion in revenue while assuming low risk. The model is presented as an alternative to direct tolls, which officials say carry higher political costs.

It would allow Iran to distinguish between vessels from different countries during transit.

U.S. and Israeli vessels since the start of recent hostilities. Chinese ships and vessels from nations including France and India have continued to cross after coordinating with Iran. Several European governments have opened direct channels with Tehran to discuss safe passage, according to Iranian state media.

" — Fars News Agency, May 16, 2026 Iranian and Omani officials held a legal-technical meeting in Muscat to discuss arrangements for secure ship passage and sovereign rights over the waterway.

The United States has maintained a blockade of Iranian ports since the ceasefire and has threatened to renew bombardment. Washington violated the truce earlier this month by attacking vessels and bombing Iran's coast. U.S. military vessels in response, according to Iranian reports.

The Pentagon maintains the sequence of events occurred differently. Skirmishes broke out between Iranian and US forces in the Strait of Hormuz the following day. Iranian officials have warned that restraint has ended and that renewal of the war will result in crushing responses.