Iran says its Economy Ministry launched Hormuz Safe on May 16, 2026, as a maritime insurance platform that allows cargo operators to pay with Bitcoin and other cryptocurrencies for coverage tied to shipments moving through the Persian Gulf and Strait of Hormuz. According to reports, insurance becomes active once payment clears on-chain and a digitally signed receipt is issued. Iranian media have said the platform could eventually generate more than $10 billion annually, but no official figures have been provided to support that estimate. The new report frames Hormuz Safe as part of Iran’s broader effort to bypass sanctions-related banking restrictions and reduce reliance on SWIFT and dollar-based transactions. It also emphasizes that the platform remains at an early stage, with limited public infrastructure, unresolved legal and technical details, continued secondary-sanctions exposure for users, and uncertainty over whether certificates issued through the system would be recognized by foreign ports or regulators.