TechFlow News, May 18: According to Crypto Briefing, Iran’s Ministry of Economic Affairs recently launched Hormuz Safe, a state-backed digital maritime insurance platform designed to provide insurance services for vessels transiting the Persian Gulf and the Strait of Hormuz. Settlements are conducted in bitcoin and other cryptocurrencies, bypassing the SWIFT network and Western financial intermediaries.
The Iranian government estimates that if the platform captures a significant share of the Persian Gulf maritime insurance market, its annual revenue could exceed $1 billion. However, the platform faces challenges related to international recognition—vessels carrying Iranian state-endorsed insurance certificates may face regulatory rejection in jurisdictions such as the Netherlands and Singapore, and entities interacting with the platform risk U.S. secondary sanctions. Analysts suggest its initial customer base will likely be limited to Iranian vessels and operators with relatively low exposure to U.S. financial pressure.
