The Madras High Court has declared cryptocurrency legal property in India, granting owners protection under Indian law and opening the door for new legal remedies. The ruling impacts the nation’s rapidly developing digital asset ecosystem by recognizing crypto assets as akin to other forms of property. This significant decision clarifies legal ownership and unlocks avenues for recourse in cases like fraud or exchange failures. Specifically, it grants access to judicial frameworks for handling issues like inheritance, taxation, bankruptcy, and contract disputes. The ruling came as a result of the court’s assessment of a case involving 3,532.30 XRP tokens worth approximately $9,400, held on WazirX, which suffered a significant cyberattack in July 2024. The Madras High Court relied on Supreme Court precedents and established that while cryptocurrency is intangible and not legal tender, it remains property protected by law for individuals to possess and utilize. This decision sets a precedent for India’s digital economy, providing clarity for investors seeking legal recourse in fraud or exchange failures. It also provides a framework for handling cases related to inheritance, bankruptcy, taxation, and contract disputes involving digital assets. The ruling comes amid renewed activity in the Indian crypto market as WazirX prepares to resume operations following approval from the Singapore High Court, and Coinbase investing in CoinDCX further fuels this growth. While India continues to impose strict taxes on cryptocurrencies (30% flat tax, 1% TDS above ₹10,000, and 18% GST on trading fees), commerce minister Piyush Goyal reiterated that cryptocurrency trading is at the investor’s own risk without government backing.