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The Madras Supreme Court declared XRP as a legal asset in India.
On October 25, 2025, Judge N. Anand Venkatesh of the Madras High Court ruled that cryptocurrency is considered property under Indian law. The case originated from a dispute over 3,532.30 XRP tokens frozen on the WazirX exchange following the hack in July 2024 that caused damages of 230 million USD. The court prohibited Zanmai Labs – the operator of WazirX – from redistributing this asset.
Based on Section 2(47A) of the Income Tax Act, the court determines that digital assets are a type of property that can be owned and entrusted. According to Section 9 of the Arbitration and Conciliation Act, the XRP assets of the plaintiff are legally protected. Zanmai Labs must provide a bank guarantee worth ₹9.56 lakh (~11,500 USD). This ruling sets a precedent for recognizing digital assets as legally protected property.