Madras High Court Rules Cryptocurrency is "Property"
✒️ In a significant legal precedent, the Madras High Court has declared that cryptocurrency qualifies as "property" under Indian law.
✒️ Justice N Anand Venkatesh stated that while crypto is not legal tender or a physical asset, it exhibits all the core features of property and is "capable of being enjoyed and possessed" and "held in trust."
✒️ The ruling came in response to a petition filed by an investor seeking protection for their XRP tokens held on the WazirX exchange, which had been frozen after a cyberattack.
✒️ The court also cited Section 2(47A) of the Income Tax Act, which already recognizes cryptocurrencies as "Virtual Digital Assets" (VDAs).
