Iran is reportedly working on a new insurance framework for vessels navigating the Strait of Hormuz, with rumors swirling about Bitcoin payments being part of the system. The Iranian Ministry of Economic Affairs has proposed a formal insurance scheme tied to marine transit and financial responsibility certificates, as reported by the state-linked Fars News Agency. According to Fars, the plan could bring in over $10 billion in revenue for Tehran by managing traffic through the strategic waterway.
This development comes amid ongoing U.S.-Iran tensions that have disrupted commercial shipping through the Strait, which normally handles about 20% of global oil trade. Multiple reports indicate vessel movement has slowed since U.S. airstrikes on Iran began in late February. At the center of speculation is a website called “Hormuz Safe,” which purportedly offered “Secure Digital Insurance for Maritime Cargo” and was linked to efforts to collect insurance payments in Bitcoin, though the site was inaccessible and no official confirmation exists.
Last month, Fars News denied earlier claims that Iran was already collecting transit tolls in cryptocurrency from ships passing through the Strait. In an April 23 report, the outlet called allegations of Iran accepting Bitcoin or stablecoins from vessels “inaccurate.” However, the Financial Times had earlier reported that Iran was considering a system where oil tankers would pay transit fees in crypto, with negotiations starting at around $1 per barrel. Bloomberg also reported that an intermediary tied to Iran’s Islamic Revolutionary Guard Corps had discussed similar pricing with maritime operators.
Risk advisory firm MARISKS warned that scammers are exploiting the uncertainty, sending fake messages to shipowners stranded west of the Strait, demanding Bitcoin or Tether for safe passage. The firm said these messages are fraudulent and do not originate from Iranian officials. It added that at least one vessel may have been fired upon after engaging with the scammers. Meanwhile, earlier media reports suggested Iran had already collected its first revenue from wartime shipping tolls last month, but those claims remain disputed.
Speculation around Bitcoin intensified after U.S. authorities froze $344 million in Tether USDt linked to Iran last month. Chainalysis noted that Iran has historically used dollar-backed stablecoins, especially USDT on the Tron blockchain, to move funds outside traditional financial systems. The blockchain analytics firm warned that any future crypto-linked toll structure in Hormuz could create compliance risks for virtual asset service providers interacting with sanctioned entities. Industry figures argue that Bitcoin may appeal more to sanctioned states because it lacks a centralized issuer that can freeze balances. In April, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union reportedly said ships could pass through the Strait by paying a tariff of $1 per barrel in Bitcoin, with transactions expected to settle within seconds to avoid tracing or confiscation.