In a landmark judgment on October 25, the Madras High Court of India officially recognized XRP and other cryptocurrencies as “property” under Indian law, a ruling that could redefine how digital assets are protected and regulated in the country.
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The Madras High Court in India has now recognized #XRP as a form of property under Indian legislation!XRP BEING RECOGNIZED AS PROPERTY MASSIVE!! pic.twitter.com/oSC6OMrcEX
— Levi | Crypto Crusaders (@LeviRietveld) October 27, 2025
The decision, issued by Justice N. Anand Venkatesh, marks a historic moment for India’s cryptocurrency industry. The court ruled that digital assets are identifiable, transferable, and controlled exclusively through private keys, making them a distinct form of property.
“This judgment provides long-awaited legal protection to Indian crypto holders,” legal experts said, noting that it could influence taxation, ownership rights, and regulatory enforcement.
The WazirX Cyberattack Case: Background to the Landmark Ruling
The ruling stems from a lawsuit related to the 2024 cyberattack on Indian crypto exchange WazirX.
The plaintiff, an investor, sought protection for 3,532.30 XRP tokens that had been impacted during the attack. While certain Ethereum-based assets were stolen, the XRP holdings remained recoverable.
In its decision, the court stated:
“There can be no doubt that cryptocurrency constitutes property. It is neither tangible property nor currency, but it is property that can be owned and enjoyed in a beneficial way. It can also be held in trust.”
The court further ordered that WazirX must not interfere with the plaintiff’s XRP assets while arbitration proceedings continue.
Referencing Global Legal Precedents
Justice Venkatesh cited several international rulings in support of his reasoning, noting that cryptocurrencies possess the core legal characteristics of property , identifiability, transferability, and private-key-based control.
“It may be just a stream of ones and zeros,” the judge said, “but it is far more than mere information.”
Key global precedents referenced include:
The 2020 New Zealand High Court case Ruscoe v. Cryptopia,
The 2019 UK High Court case AA v. Persons Unknown, and
The *2023 U.S. federal ruling in SEC v. Ripple Labs.
These decisions collectively influenced India’s recognition of cryptocurrency as a form of property.
Redefining Digital Ownership in India
While acknowledging that digital assets are not “currency” in the traditional sense, the court emphasized that they are assets capable of ownership, transfer, and custody within the blockchain system.
The judgment establishes that cryptocurrencies may be held in trust, paving the way for broader legal frameworks covering inheritance, taxation, and custodial responsibility.
Legal analysts believe the decision clarifies Indian courts’ jurisdiction over domestic crypto transactions and confirms that such assets are not merely speculative instruments under income tax law.
Implications for Regulation and Consumer Protection
Justice Venkatesh urged Indian regulators to craft a balanced framework that safeguards consumers while promoting innovation.
“India has the opportunity to design a regulatory regime that protects consumers and ensures financial stability without stifling innovation,” he wrote.
The judgment could accelerate efforts by Indian lawmakers to build a comprehensive crypto regulatory system, positioning India closer to international norms in digital asset governance.
Experts say the decision signals India’s gradual shift toward legally recognizing digital assets while maintaining oversight to prevent misuse.
This milestone ruling establishes that cryptocurrencies, though not legal tender, can legally exist as property under Indian law , offering clarity, protection, and legitimacy to millions of investors and startups operating in the country’s fast-growing Web3 ecosystem.
