"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," said Justice N Anand Venkatesh in a ruling.The judgment came while the court was hearing a petition filed by a crypto investor whose XRP holdings on the crypto exchange WazirX were frozen after a 2024 cyberattack. She had contended that assets held by her were distinct from the Ethereum tokens that had been stolen in the hack, and sought an injunction to prevent WazirX from redistributing her portfolio.The order created a buzz in the Indian crypto sector for three reasons: the recognition of crypto as owned and trusted 'property', clarity on Indian courts' ability to intervene in digital asset disputes, despite o?shore arbitration and assertion of investor protection by stating that foreign insolvency or restructuring schemes cannot override a user's rights over self-owned digital assets.Moreover, the judgment has renewed hopes for the investors to file similar claims in Indian courts, said Rashmi Deshpande, a technology lawyer helping investors in their claim against WazirX in Singapore and Indian courts.The Singapore High Court did not consider WazirX the custodian of the cryptocurrencies, which made it di°cult for investors to challenge the restructuring scheme suggested by the exchange."By emphasising that tokens are 'capable of being enjoyed and possessed... held in trust' and tying the reasoning to the Income Tax Act's definition of virtual digital assets, the court has provided a much-needed foundation for investor rights, custodial accountability and regulatory certainty," said Aishwary Gupta, Global Head of Payments at Polygon Labs.

Cryptocurrency is 'property' under law, rules Madras HC

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