Iran eyes Bitcoin linked insurance model for Strait of Hormuz shipping: report

Iran has reportedly explored an insurance-based system for ships crossing the Strait of Hormuz, while unverified claims about Bitcoin-linked payments have added fresh uncertainty around how the wartime transit regime could operate.

According to Iran’s state-linked Fars News Agency, the Iranian Ministry of Economic Affairs has proposed managing traffic through the Strait using a formal insurance framework tied to marine transit and financial responsibility certificates. Fars, which said it obtained a state document outlining the proposal, reported that the system could generate more than $10 billion in revenue for Tehran.

Set against the ongoing U.S.-Iran conflict, the proposal comes as commercial shipping through the Strait remains heavily disrupted. Roughly one-fifth of global oil trade normally passes through the narrow waterway, though multiple reports have stated that ship movement has slowed since U.S. airstrikes on Iran began in late February.

At the center of the latest speculation is a website called “Hormuz Safe,” which circulated online through screenshots advertising “Secure Digital Insurance for Maritime Cargo.” Several crypto-focused reports claimed the platform was linked to an Iranian effort to collect insurance payments in Bitcoin, although the site was inaccessible at the time of writing, and no official confirmation has emerged from Iranian authorities.

Iran denies active crypto toll collection

Last month, Fars News had separately rejected reports claiming Tehran was already collecting Strait of Hormuz transit tolls in cryptocurrency. In an Apr. 23 report, the outlet said allegations about Iran accepting Bitcoin or stablecoins from passing vessels were “inaccurate.”

At nearly the same time, the Financial Times reported that Iran had been considering a system under which oil tankers would pay transit fees in cryptocurrency, with negotiations allegedly starting near $1 per barrel of crude. Bloomberg later reported that an intermediary linked to Iran’s Islamic Revolutionary Guard Corps had discussed similar pricing during talks involving maritime operators.

Risk advisory firm MARISKS also warned that scammers were exploiting the uncertainty. According to the company, shipowners stranded west of the Strait received fraudulent messages from unknown actors pretending to represent Iranian authorities and demanding payment in Bitcoin or Tether for “clearance” and safe passage.

MARISKS said the messages were fake and warned that they did not originate from official Iranian channels. The firm added that at least one vessel may have come under fire while attempting to leave the area after engaging with the fraudulent communications.

Meanwhile, previous media reports have suggested Iran already collected its first revenue from wartime shipping tolls last month, although those claims remain disputed. Before the current conflict, no such toll system had existed for vessels crossing the Strait.

Bitcoin speculation grows after USDT seizures

Attention around possible Bitcoin payments intensified after U.S. authorities froze $344 million in Tether USDt tied to Iran last month. Earlier reports had claimed that Iranian-linked operators preferred USDT and the Chinese yuan for energy-related settlements, while also accepting Bitcoin in some cases.

Chainalysis noted in previous analysis that Iran has historically relied on dollar-backed stablecoins, particularly USDT on the Tron blockchain, to move funds outside traditional financial rails. The blockchain analytics firm said any future crypto-linked toll structure in Hormuz could create new compliance risks for virtual asset service providers interacting with sanctioned entities.

Industry figures have also argued that Bitcoin may appeal more to sanctioned states because it operates without a centralized issuer capable of freezing balances. Earlier in April, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union reportedly told media outlets that certain ships could continue passing through the Strait if they paid a tariff of $1 per barrel in Bitcoin.

Vessels would reportedly receive payment instructions only after Iranian authorities completed internal reviews, with transactions expected to be settled within seconds to avoid tracing or confiscation under sanctions enforcement.