Iran launches maritime insurance platform supporting cryptocurrency settlement

According to CryptoBriefing, Iran has launched Hormuz Safe, a state backed digital marine insurance platform that provides insurance services for ships passing through the Persian Gulf and the Strait of Hormuz, and supports settlement in Bitcoin and other cryptocurrencies. The Iranian government expects that if the platform occupies a significant share of the Persian Gulf shipping insurance market, its revenue may exceed $10 billion. Hormuz Safe aims to bypass the SWIFT network and Western intermediaries, reducing reliance on the traditional financial system, but international recognition issues and the risk of secondary sanctions remain major challenges.