Indian Court Declares XRP Property, Major Step for Cryptocurrency Regulation

The Madras High Court has ruled that both XRP and other cryptocurrencies are recognized as property under Indian law, marking a significant moment in the development of cryptocurrency regulations in India. This landmark decision arose from the 2023 WazirX hacking attack, where the exchange suffered over $230 million in losses on Ethereum and ERC-20 tokens. The ruling specifically addresses investor concerns about the separate ownership of XRP assets held by a plaintiff affected by the hack. Notably, the court rejected the WazirX exchange’s claim that Singaporean courts’ rulings should dictate asset distribution.