Iran has officially announced the formation of a new body to manage activities in the Strait of Hormuz, asserting greater control over maritime operations and imposing new regulations that require all vessels to seek permission to transit the area. As part of this initiative, Iran plans to introduce a Bitcoin-backed shipping insurance platform, aiming to create safer passage for ships while generating significant revenue. The Hormuz Safe insurance scheme is expected to compete with existing initiatives and has drawn attention with its potential to generate billions. While Iran maintains that it will allow passage to any ship that cooperates with its navy, concerns persist over escalating tensions and the implications of transit fees for regional allies and adversaries alike.