Madras High Court Recognizes Crypto as Property in Landmark Ruling
In a groundbreaking decision poised to reshape India’s digital asset landscape, the Madras High Court has officially recognized cryptocurrencies as property under Indian law, a first-of-its-kind ruling that provides long-awaited legal clarity for crypto holders nationwide.
The case centered on WazirX, India’s largest cryptocurrency exchange, which suffered a massive $234 million hack in July 2024.
In the aftermath, the exchange reportedly attempted to redistribute a customer’s 3,532 XRP holdings to offset part of the losses resulting from the breach. The affected user filed a legal challenge, arguing that the assets held on the platform rightfully belonged to customers, not the exchange.
Notably, the Madras High Court ruled in favor of the customer, barring WazirX from reallocating the XRP and firmly establishing that digital assets are the legal property of their owners, even when held in exchange wallets. The decision effectively confirms that cryptocurrency holdings enjoy the same legal protections as traditional property such as stocks, bonds, or real estate.
This ruling sets a powerful legal precedent, establishing a clear framework for how digital assets are owned, inherited, and protected in financial agreements.
By formally recognizing crypto as property, the court has delivered long-awaited regulatory clarity, a move that could greatly boost investor confidence and accelerate the growth of India’s crypto economy.
What does this mean for crypto exchanges? Well, the ruling raises the bar on accountability. Platforms must now enforce stronger custodial standards that safeguard user assets with full transparency.
By restricting exchanges from tapping customer funds to absorb operational risks, including hacks, the verdict reinforces a fundamental financial principle: client assets are never to be touched.
Therefore, this ruling could accelerate India’s long-awaited crypto regulations. Despite having taxation policies in place, the country still lacks a clear legal framework for digital asset trading and ownership. By formally recognizing cryptocurrencies as property, the decision puts pressure on lawmakers to fast-track policies that foster innovation while safeguarding investors.
Is $2.50 XRP’s Launchpad to $3?
XRP is regaining strong market momentum as traders zero in on a crucial price threshold that could ignite its next major rally. On-chain insights from TerraNews indicate that the critical support zone of $2.50 may trigger the long-awaited surge toward the $3 milestone.
XRP’s consolidation phase is giving way to renewed momentum, fueled by rising liquidity and stronger market sentiment. TerraNews reports increasing whale accumulation, slowing exchange outflows, and improving network activity, key on-chain signals that have historically preceded major rallies.
Together, they reinforce expectations that XRP is gearing up for a bullish breakout and a new growth phase.
What next? Well, a firm hold above $2.50 could flip momentum firmly in favor of the bulls, clearing a path toward $2.80 and setting the stage for a long-awaited challenge of $3, a level XRP hasn’t reached in years. Meanwhile, Ripple’s expanding global partnerships and accelerating real-world blockchain adoption add fuel to the bullish outlook.
With XRP trading at $2.63 and bullish momentum building, a breakout toward $3 is increasingly within reach, and the market is watching closely.
Conclusion
The Madras High Court’s ruling isn’t just a victory for a single WazirX user, it’s a defining moment for India’s digital finance landscape. By affirming that cryptocurrencies like XRP are legally protected property, the decision strengthens investor rights and reinforces strict custodial responsibility for exchanges.
With XRP now holding above the crucial $2.50 level, momentum is building toward a decisive test of $3, a breakout that could signal the next major phase of its rally.