Overview
- Iran unveiled Hormuz Safe as a state-backed maritime insurer that issues and settles policies in Bitcoin and other cryptocurrencies for Persian Gulf and Strait of Hormuz voyages.
- The launch targets a war-risk crunch in a corridor that carries about a fifth of global oil, where premiums surged from roughly 0.25% to as high as 10% of a vessel’s value and traffic collapsed.
- The platform records payments on public blockchains with instant settlement and digital receipts, which lets Iran bypass SWIFT and other Western bank rails.
- Certificates from the Iranian platform may be rejected by major ports such as Rotterdam or Singapore, and users risk US secondary sanctions enforced by the Treasury’s OFAC office.
- The United States has proposed a $40 billion reinsurance facility to reinforce conventional coverage and discourage reliance on Iran’s platform.