Iran Launches Bitcoin-Powered Maritime Insurance Platform to Bypass International Sanctions
Iran launched Hormuz Safe, a digital maritime insurance platform paid exclusively in bitcoin, to issue compliance certificates for ships transiting the Strait of Hormuz. The platform aims to circumvent SWIFT sanctions and international financial systems. The product is described by experts as a ‘political toll’ rather than traditional maritime insurance, covering geopolitical risks like inspections and ship seizures rather than standard maritime damages. International maritime lawyers warn the practice may violate the UN Convention on the Law of the Sea regarding freedom of navigation.