Iran has introduced Hormuz Safe, a state-backed digital maritime insurance platform, to issue insurance policies for ships navigating the Persian Gulf and the Strait of Hormuz. The platform, supported by Iran's Ministry of Economy, facilitates settlements using Bitcoin and other cryptocurrencies, aiming to bypass SWIFT and Western intermediaries, thus reducing reliance on traditional financial infrastructure. Iranian government insiders anticipate that capturing a significant share of the Persian Gulf shipping insurance market could generate over $10 billion in revenue. However, the platform faces challenges regarding international recognition and the risk of U.S. secondary sanctions, with initial clients likely limited to vessels already operating in sanctioned areas.