The Madras High Court has recognized cryptocurrency as property under Indian law — a historic decision expanding legal protection for investors.
Justice N. Anand Venkatesh clarified that while cryptocurrencies aren’t legal tender, they are assets that can be possessed, transferred, and held in trust, aligning with India’s Income Tax Act definition of virtual digital assets.
The case stemmed from frozen XRP holdings on WazirX following a 2024 cyberattack. The ruling establishes that Indian courts hold jurisdiction under Section 9 of the Arbitration and Conciliation Act, even in disputes involving foreign proceedings, if investors or assets are in India.
Crucially, the bench rejected a “Socialisation of Losses” proposal, ruling that user assets cannot be redistributed to offset others’ losses. Legal experts hailed the judgment as a watershed moment, affirming ownership rights, custodial accountability, and judicial protection for India’s digital asset holders.
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