Iran has launched Hormuz Safe, a state-backed digital maritime insurance platform that issues policies for ships transiting the Persian Gulf and the Strait of Hormuz, with settlements in Bitcoin and other cryptocurrencies. Roughly a fifth of the world's daily oil supply passes through this strategic waterway.
Backed by Iran's Ministry of Economy, the platform uses blockchain for instant settlement, bypassing the SWIFT network and Western intermediaries. Proponents claim it could generate $10 billion in revenue if it captures a meaningful share of the regional marine insurance market. However, international recognition remains a major hurdle, as ships arriving at ports like Rotterdam or Singapore with Hormuz Safe certificates may find their coverage invalid. The US has historically pursued secondary sanctions against entities aiding Iranian sanctions evasion, limiting the customer base to Iranian-flagged ships and operators already navigating compliance gray zones.