India advanced its legal recognition of digital assets after the Madras High Court ruled in a case involving XRP that cryptocurrency qualifies as “property” under Indian law. The decision, delivered by Justice N Anand Venkatesh, arose from a dispute between an investor and crypto exchange Wazirx, operated by Zanmai Labs, after her 3,532.30 XRP coins—purchased in January 2024—were frozen following a cyberattack that caused the exchange to lose about $230 million in Ethereum-based tokens. The ruling marks a significant step toward establishing a legal foundation for cryptocurrency ownership in India.

Justice Venkatesh stated:

There can be no doubt that cryptocurrency is a property. It is not a tangible property, nor is it a currency. However, it is a property which is capable of being enjoyed and possessed (in a beneficial form). It is capable of being held in trust.

He further explained: “Property in the legal sense means an aggregate of rights which are guaranteed and protected by law. It extends to every species of valuable right and interest… everything that has an exchangeable value or which goes to make up wealth or estate or status.”

The court recorded that the applicant’s XRP holdings were distinct from the Ethereum-based tokens affected by the hack: “What were held by the applicant as cryptocurrencies were 3532.30 XRP coins. What were subjected to cyber attack on 18.7.2024 in the Wazirx platform were ERC 20 coins, which are completely different cryptocurrencies not held by the applicant.”

Citing international cases such as New Zealand’s Ruscoe v. Cryptopia Ltd. (in liquidation)—which recognized cryptocurrencies as a form of intangible property—Justice Venkatesh ruled that digital tokens are definable, transferable, and subject to exclusive control, making them legally ownable. He stated that India has an opportunity to craft a regulatory framework that fosters innovation while ensuring consumer protection and financial stability.

After determining that the XRP assets were unaffected by the breach and that cryptocurrency is property capable of ownership and enjoyment, the court granted interim protection. It observed:

If, ultimately, based on the modified scheme of arrangement approved by the Singapore High Court on 13.10.2025, the asset held by the applicant stood eroded substantially, the applicant becomes a vulnerable party, who will be entitled for a protection.

The injunction restrains Zanmai Labs and its directors from redistributing or reallocating the applicant’s XRP holdings until arbitration concludes—a decision that strengthens investor protections and reinforces India’s growing legal framework for digital assets. Analysts say the judgment could strengthen investor confidence and accelerate the creation of clear rules for digital assets like XRP across India’s growing crypto sector.

• What does India’s High Court ruling mean for crypto investors?
  The decision legally classifies crypto as property, boosting investor protections and paving the way for clear regulations.
• Why is XRP at the center of this landmark ruling?
  XRP was the specific crypto asset involved in the legal dispute, making it the first crypto to be specifically recognized as property in an Indian court.
• How could this decision affect crypto regulation in India?
  The ruling could catalyze a regulatory framework that legitimizes crypto ownership and encourages market development.
• What impact will this have on exchanges like Wazirx?
  Exchanges may face tighter oversight and accountability, but also gain clarity that supports growth and investor trust.

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