TheBlock
Iran-linked media has reported the launch of "Hormuz Safe," a bitcoin-settled marine insurance platform designed to issue policies and liability certificates for shipments navigating the Persian Gulf and Strait of Hormuz. The Economy Ministry-backed initiative reportedly targets more than $10 billion in revenue by covering vessel inspection, detention, and confiscation risks — categories classified as low-risk under the platform's framework.
The move is a striking signal of how sanctioned economies are turning to bitcoin's settlement layer as a workaround for dollar-denominated financial infrastructure. By denominating insurance contracts in BTC rather than USD, Iran sidesteps SWIFT-dependent correspondent banking entirely — a structural play that will draw scrutiny from Western regulators and compliance teams tracking crypto's role in sanctions evasion.
For the broader market, Hormuz…
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