Iran Considers Insurance for Strait of Hormuz, Bitcoin Mentioned

Iran’s Ministry of Economic Affairs is reportedly exploring an insurance-based scheme to manage the Strait of Hormuz, according to a state-linked Iranian outlet. An unverified website connected to the plan suggested payments could be accepted in Bitcoin.

A ministry document described in the report said the proposal would allow authorities to issue marine insurance policies and certificates of financial responsibility for vessels transiting the waterway. The draft plan would classify and insure ships from different countries and could generate more than $10 billion in revenue, the document said.

The Strait of Hormuz handles roughly one-fifth of global oil shipments. Reports indicate Iranian authorities began collecting revenue from transit tolls last month; before recent hostilities, such charges were not imposed.

Screenshots of a site calling itself “Hormuz Safe” circulated online offering “Secure Digital Insurance for Maritime Cargo” and appeared to seek payments in Bitcoin. The site was offline at the time of reporting and Iranian authorities have not confirmed it.

Shipping companies and insurers have warned that similar solicitations have been used by scammers in the past to demand cryptocurrency payments for safe passage. Acceptance of cryptocurrency would create legal and operational challenges for foreign carriers and underwriters in countries that enforce sanctions on Iran.

U.S. authorities recently seized more than $300 million in dollar-pegged stablecoins tied to Iran. Earlier reports indicate Iran has taken payments in dollar-denominated stablecoins, Bitcoin and some fiat currencies for transit and energy exports. A union representative described a system in which vessels receive an email, an assessment is completed and then operators are given only a few seconds to pay in Bitcoin.

Many vessels were prevented from transiting the strait after U.S. airstrikes began in late February, increasing demand for security services and alternative insurance arrangements. Insurers typically price coverage based on perceived risk, and a state-run insurance product would be an uncommon intervention in a lane that previously operated without a mandatory national scheme.

Iran has not issued an official public statement confirming implementation of the insurance plan. Verification is needed to determine whether the proposal reflects a formal policy, a pilot project, or opportunistic activity by third parties seeking to profit from elevated risks around the strait.