October 30, 2025
By Anjali Kochhar
The Indian legal system has taken a decisive step into the digital era. In a move that could redefine the nation’s approach to cryptocurrencies, the Madras High Court has recognized XRP as a form of property, establishing a crucial precedent for how virtual assets are classified and protected under Indian law.
The ruling arose from a case involving Indian crypto exchange WazirX and a user whose XRP holdings were frozen following a major security breach in 2024. The petitioner, a Chennai-based trader, sought protection for her 3,532.30 XRP tokens during arbitration proceedings. Justice N. Anand Venkatesh ruled in favor of the user, declaring that cryptocurrencies like XRP possess the attributes of property that can be owned, transferred, and held in trust.
The court also rejected WazirX’s claim that its Singapore-based restructuring placed it beyond Indian jurisdiction. Since the investor’s funds originated from an Indian bank and all activities were conducted within India, the court asserted its authority over the case. This decision effectively enables Indian courts to handle disputes involving foreign-registered exchanges when domestic funds and users are involved.
Beyond the immediate case, the verdict is being hailed as a turning point for India’s digital asset ecosystem. By legally classifying crypto as property, the court has provided a foundation for investor protection, enabling trust law applications, asset recovery, and legal recourse in cases of theft or mismanagement. Experts believe the ruling could accelerate the development of clearer regulations around crypto taxation, ownership, and custody in India.
For the Indian crypto community, this judgment represents more than just a legal victory. It legitimises digital assets as tangible, ownable property and sends a strong signal to regulators and exchanges to strengthen compliance and user protection measures.
Although the ruling does not make XRP or any cryptocurrency legal tender, it marks a defining moment for India’s evolving stance on digital assets. The Madras High Court’s recognition of XRP as property could pave the way for a more secure, transparent, and legally supported crypto environment in the country bridging the gap between traditional law and the rapidly expanding world of decentralized finance.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
