Landmark ruling in India treats XRP as property, not speculation
An Indian court ruled that XRP is property under Indian law, preventing an exchange from reallocating a customer's holdings.Summary
The Madras High Court issued a landmark ruling declaring that cryptocurrency, specifically 3,532.30 XRP coins belonging to a customer named Rhutikumari, qualifies as property under Indian law, not merely a speculative transaction. Justice N Anand Venkatesh issued an interim injunction barring the exchange WazirX from reallocating these assets, despite WazirX's argument that a Singapore High Court-supervised restructuring scheme controlled the matter. The court asserted jurisdiction because the customer initiated the transaction from India. This decision treats crypto holdings as distinct property rights, aligning India with jurisdictions like the US and UK that recognize crypto as property capable of being held in trust, which may significantly reshape how exchanges handle user assets during insolvency or restructuring proceedings.
(Source：CryptoSlate)