Cryptocurrency now legally owned: Madras High Court sets benchmark!

Cryptocurrency now legally owned: Madras High Court sets benchmark!

On October 26, 2025, the Madras High Court ruled that cryptocurrencies are considered property under Indian law. This landmark decision comes in the context of a case involving a $230 million hack of the WazirX exchange. An investor had purchased 3,532.30 XRP coins worth Rs 1,98,516 in January 2024 and sought legal protection after WazirX froze his accounts following the hack.

The judge in charge, N Anand Venkatesh, observed that cryptocurrencies have property and can be held in trust. The court defined cryptocurrencies as ownable assets with specific characteristics that distinguish them from other financial instruments. It was emphasized that cryptocurrencies are identifiable, transferable and controllable through private keys.

Legal questions and jurisprudence

The court also upheld Indian jurisdiction over domestic crypto assets and rejected claims that Singapore's arbitration rules would prevent intervention. Justice Venkatesh referred to an earlier Supreme Court order that reaffirmed the ability of Indian courts to protect assets located in India. In this case, the investor's transactions took place in Chennai using an Indian bank account, which brought the proceedings within the jurisdiction of the Madras High Court.

Call for order and governance in the crypto industry

In addition, the judge pointed out that Web3 platforms should maintain corporate governance standards. This includes segregation of customer funds, regular independent audits, and strict KYC (Know Your Customer) and anti-money laundering protocols. This represents a clear call to the industry to promote investor protection and market integrity.

The Madras High Court decision is not only relevant to the specific case but could also have far-reaching implications for the regulation of cryptocurrencies in India. crypto.news has reported extensively on this case and the legal actions that may be necessary in the future to create a safe and transparent financial space for crypto investors.