Madras High Court Declares XRP Legal Property in India, Setting Precedent for Crypto Regulation

India’s Madras High Court has issued a groundbreaking ruling, declaring that cryptocurrencies like XRP are recognized as legal property under Indian law. In a significant decision, the court affirmed that digital assets like XRP possess quantifiable ownership rights. The ruling stemmed from a dispute involving an investor who purchased XRP on WazirX, facing issues following a cyberattack on the exchange platform and subsequent fund loss.        Justice N. Anand Venkatesh, presiding over the case, ruled that investor-owned XRP is distinct from stolen Ethereum assets, further clarifying that cryptocurrencies are defined as virtual digital assets under Indian law.