Madras HC says cryptocurrency is 'property' in India
Big news for crypto fans: the Madras High Court just ruled that cryptocurrency counts as "property" in India.
This came after a major hack on WazirX in July 2024, where $235 million worth of digital assets vanished.
The ruling affirms that Indian investors have enforceable ownership rights over their crypto, at least in this case, though the decision is interim and may not yet apply uniformly across India.
What it means for Indian investors
This decision means if your crypto gets stolen or mishandled by an exchange, you can take action under property law—not just rely on contracts or company policies.
The court also shot down WazirX's idea to spread the losses across all users, saying everyone's holdings are separate and must be protected individually.
Plus, exchanges now have stricter duties to keep customer assets safe and separate.
It's a big step toward clearer rules and better protection for anyone trading or holding crypto in India.