Iran launches Bitcoin-based maritime insurance for Strait of Hormuz

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Iran launches maritime insurance

Highlights

Iran has proposed managing ship passage through the Strait of Hormuz through an insurance model.
Reports around Hormuz Safe refer to digital maritime cargo insurance and possible Bitcoin settlements.
Fars claimed the model could generate more than $10 billion for Iran.

Insurance instead of direct fees

Iran’s state-run Fars News Agency reported that the Economy Ministry is promoting a plan to manage the Strait of Hormuz through maritime insurance and financial responsibility certificates. The model would allow Tehran to oversee shipping within the framework of international law while also generating economic value. The agency estimated potential revenue at more than $10 billion but did not explain how it arrived at that figure.

At the center of the discussion is Hormuz Safe, a platform that reportedly offers digital insurance for cargo moving through the Persian Gulf, the Strait of Hormuz, and nearby waterways. Claims about Bitcoin settlements have emerged around the service, but the website cited in the reports was unavailable at the time of publication, and full policy terms, insurer details, exclusions, and payout procedures had not been disclosed.

Bitcoin, sanctions and the risk of fake demands

The cryptocurrency part of the story remains the most disputed. Fars previously denied reports that Iran was already charging fees in crypto for passage through Hormuz. At the same time, crypto.news noted that reports of possible Bitcoin payments had circulated in the market, along with warnings about fraudsters sending shipowners demands to pay for “safe passage” in Bitcoin or USDT.

Interest in Bitcoin has grown after U.S. authorities froze $344 million in USDT linked to Iran. For sanctioned regimes, Bitcoin may appear more useful because it has no centralized issuer that can freeze balances, unlike Tether. But that is exactly why any official crypto payment scheme in Hormuz would carry serious sanctions and compliance risks for intermediaries, shipping companies, and crypto platforms.

A bet on the world’s most sensitive oil route

The Strait of Hormuz remains one of the world’s most important energy corridors. According to the U.S. Energy Information Administration, around 20 million barrels per day of oil and petroleum products passed through it in 2024, equal to roughly 20% of global liquid fuels consumption.

That is why even discussions about a new insurance or payment model quickly move beyond regional politics. If Iran does try to build insurance or cryptocurrency settlements into the ship passage regime, it could affect freight costs, insurance premiums, oil prices, and sanctions enforcement. For now, the safer conclusion is more cautious: the project is being discussed, but its practical operation, legal basis, and real Bitcoin payments remain unconfirmed.

As we previously reported, oil prices rise after Trump warns Iran time is running out.

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