Madras High Court Declares XRP Legal Property in India

Indian court granted legal property status to XRP in a ruling blocking exchange asset redistribution.

India - Madras High Court Justice N. Anand Venkatesh ruled October 25, 2025, that cryptocurrency qualifies as property under Indian law. The decision emerged from a dispute over 3,532.30 XRP tokens frozen on exchange WazirX following its July 2024 hack that drained $230 million. The court blocked Zanmai Labs (WazirX operator) from redistributing frozen assets.​

Legal Framework Applied

The court cited Section 2(47A) of the Income Tax Act, defining virtual digital assets as property capable of ownership and trust arrangement. An injunction under Section 9 of the Arbitration and Conciliation Act protected the claimant's XRP holdings. Zanmai Labs must lodge a bank guarantee of ₹9.56 lakh (~$11,500) to ensure compliance.​

Precedent Significance

The ruling establishes XRP and digital assets as legally protected property, not speculation. Courts can now enforce remedies including asset freezes, seizures, and compensation orders. The decision does not regulate cryptocurrency trading or exchanges, but clarifies property status for civil and criminal proceedings.