Iran launches 'Hormuz Safe' platform for BTC-settled maritime insurance

Iran has launched "Hormuz Safe," a state-run platform that issues maritime insurance for vessels in the Strait of Hormuz and settles claims in Bitcoin (BTC), Crypto Briefing reported. The system uses blockchain for instant settlement, bypassing the SWIFT network and Western intermediaries as part of a strategy to reduce reliance on the dollar-based financial infrastructure. The outlet noted that some within the Iranian government project potential revenues of over $10 billion if the platform captures a significant share of the Persian Gulf's maritime insurance market. The biggest obstacle is that regulatory authorities in major ports like Rotterdam and Singapore may not recognize "Hormuz Safe" insurance certificates. Crypto Briefing also analyzed that shipowners, trading companies, and port authorities that transact with the platform could face U.S. secondary sanctions, potentially cutting them off from the U.S. financial system.