Indian Court Rules Crypto as Property, Protects XRP Holders
- India’s Madras High Court ruled that cryptocurrencies are considered property under constitutional law.
- The court blocked WazirX from reallocating a customer’s XRP assets under its Singapore restructuring plan.
- Justice N. Anand Venkatesh granted an injunction protecting a user’s holdings of 3,532 XRP tokens.
- The ruling rejected WazirX’s “socialization of losses” scheme after a $234 million hack in July.
- This decision strengthens consumer protection for crypto holders and lays groundwork for regulatory frameworks in India.
The Madras High Court’s decision marks a significant step in recognizing digital assets as property, ensuring that user holdings are protected under Indian law. This ruling prevents exchanges like WazirX from redistributing user assets without consent, especially in cases involving financial losses due to hacks.
By affirming the legal standing of cryptocurrencies as property, the court has set a precedent for clearer regulatory and fiduciary frameworks in India’s crypto ecosystem. Source
