Cryptocurrency Ruling in India
The Madras High Court has declared that cryptocurrencies qualify as property under Indian law, a landmark ruling that could reshape the cryptocurrency landscape in India.
The Court's decision, delivered by Justice N. Anand Venkatesh, confirms that cryptocurrencies can be owned, held in trust, and protected as legal property.
The case originated from a petition by an investor who had 3,532.30 XRP coins frozen after a cyberattack on WazirX, one of India's largest cryptocurrency exchanges, which suffered a $234 million hack in July 2024.
The Court's decision affirms that cryptocurrencies can be owned, held in trust, and protected as legal property.
- Cryptocurrencies qualify as property under Indian law.
- The ruling clarifies the legal status of digital assets in India.
- The case involved a petition by an investor whose XRP coins were frozen after a cyberattack on WazirX.
Author's summary: India's Madras High Court rules crypto as property.
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