Madras High Court recognises crypto as property: Madras High Court Justice N. Anand Venkatesh, in his judgment, said that crypto will be treated as ‘property’ (asset) under Indian law.
The following are the status and definition
As per the person, XRP cryptocurrency is not a physical entity and it is not a movement either. However, it has all the common features of a sovereign. It is capable of being used, held and held in trust. The verdict gives the consumer digital director the right to trust (ownership), and judicial protection (judicial protection) under Section 2(47A) of the Income Tax Act, which defines the concept of ‘virtual digital incentive’ (virtual digital asset).
Background to the episode
The verdict came after a candidate was found to have stolen 3,52.30 XRP tokens (worth ₹1.98 lakh) from a large WazirX cyber network in July 2024. The stolen Ethereum and ERC-20 tokens, however, were linked to the applicant’s XRP. Zanmai Labs (Wazir) argued that all users should bear the collective loss; it was a mark of an individual, the watchdog said, clearly independent and secure.
Jurisdiction and jurisdictional focus
India’s jurisdiction over the matter was expressly accepted. The marriage was held in Chennai, and the matter was later transferred to the Madras High Court. The Supreme Court’s judgment in Wind Solutions v. PASL Wind Solutions GE Power Conversion India (2021) Justice Venkatesh also highlighted the need for Web3 and crypto to be managed by independent audits, customer segmentation, and robust C&C/AML regulations.
New direction for judicial intervention
This decision has not only given the crypto sector a face but also a framework for judicial protection. Future Indian courts will play a crucial role in determining the accountability of crypto, digital rights, and the meaning of democracy.
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