Cryptocurrency is property capable of trust: Madras HC orders ₹9.56 lakh security

The Madras High Court recognised cryptocurrency as “property” under Indian law, capable of being held in trust. The case involved an investor whose XRP coins on WazirX were frozen after a cyberattack. The court rejected WazirX’s argument of Singapore arbitration jurisdiction, holding that since the transaction and bank account were Indian, local jurisdiction applied. Justice N. Anand Venkatesh ruled that cryptocurrency, while intangible, holds value and ownership rights similar to property, thus can be subject to trust principles. WazirX was directed to furnish a ₹9.56 lakh security deposit pending arbitration. The ruling has far-reaching implications, clarifying that digital assets are recognised as property for taxation, insolvency, and contractual enforcement purposes.