India Recognizes XRP as Property — A Turning Point for Crypto Investors

The Madras High Court issued a significant interim ruling recognizing cryptocurrencies like XRP as “property capable of being possessed and held in trust” under Indian law, marking a turning point for the country's crypto market. This decision arose from a dispute where a WazirX user, Rhutikumari, challenged the exchange's plan to socialize losses following a hack. The court asserted jurisdiction because the petitioner operated within India, overriding WazirX's defense based on a Singapore restructuring plan. Justice N. Anand Venkatesh held that digital assets constitute intangible property, drawing parallels with precedents in the US, UK, and Singapore, which also treat crypto as protected property. This ruling grants investors clearer ownership rights, potentially strengthening confidence and prompting legislative clarity, although it is an interim order specific to XRP and does not automatically classify all digital assets or guarantee recovery. The court ordered WazirX to provide a bank guarantee to protect the user's 3,532.30 XRP until the matter is resolved.

(Source：Cointelegraph)