Madras High Court Recognizes XRP as Property

India’s Madras High Court has legally recognized XRP as a property, marking the first explicit acknowledgment of a digital asset’s property status in the country.

The court’s decision enhances legal protections for XRP holders and may influence institutional investment and regulatory clarity in India’s cryptocurrency market.

India’s Madras High Court has legally recognized XRP as property, granting it protection under criminal law. This move marks the first time an Indian court has given explicit recognition to a digital asset’s property status.

Institutional Impact

This ruling potentially encourages institutional participation as it strengthens user claims to digital asset ownership. Indian exchanges, especially WazirX, are expected to review custodial and compliance protocols to meet new legal obligations. Justice N. Anand Venkatesh stated, “There can be no doubt that ‘cryptocurrency’ is a property. It is not a tangible property nor is it a currency. However, it is a property, which is capable of being enjoyed and possessed (in a beneficial form). It is capable of being held in trust” – Economic Times.

Market Reactions

Currently, there is no visible change in XRP trading data tied to this ruling. Analysts recommend monitoring XRP-INR liquidity and exchange activities for shifts in market confidence. For a broader understanding of these dynamics, Cointelegraph recently provided a latest crypto news update.

Community Sentiment

While Ripple’s leadership has not publicly commented on the ruling, community sentiment reflects optimism about improved protections. However, there are calls for clarity on whether all cryptocurrencies will receive similar recognition.