The Madras High Court has issued a historic judgment, declaring cryptocurrencies such as XRP to be legal property. According to Justice N.Anand Venkatesh, digital assets clearly indicate ownership. These give individuals the ability to carry, consume, transfer, and delegate them. The court has given virtual currency holders complete coverage of Indian property law.
Background and legal basis of the lawsuit
The ruling was based on a petition by a WazirX customer who lost 3,532.30 XRP to a hack of the platform. End users wanted to be protected by law and held accountable. The court held that it had jurisdiction because there was an Indian account at the time of inception of the transaction and the user had an exchange in India. The judge cited India’s Income Tax Act, which recognizes virtual currencies as virtual digital assets. This incorporation strengthened the final decision.
This ruling gave large ownership rights to XRP holders. They can now sue in cases of theft, fraud, or mismanagement by the exchange. This decision also leaves no doubt about the liability of crypto platforms. Trading requires you to protect your assets with the same intensity you would protect your real assets. Although XRP is not yet considered a legal tender, it now has a growing legal presence in India.
Regulation and market impact
Indian investors are getting smarter. This judgment marks a new legal landscape regarding digital property. More institutions will become involved as courts recognize virtual currencies as property. The decision could also prompt regulators to develop more specific regulations regarding custody, taxation, and tokenized assets. The ruling shows that India is rapidly evolving towards a formal cryptographic system. This ruling is temporary and applies only to specific cases. National standards have not changed yet. T
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