Madras High Court recognises cryptocurrency holdings as property in WazirX dispute

In a recent ruling, the Madras High Court declared that holdings of the exchange WazirX are legally classified as ‘property’, granting investors enforceable rights over deposited crypto assets. The case involved 3,532.30 XRP coins and addressed whether the exchange could use the client’s holdings to offset other user losses. The court held that such redirection is impermissible without express consent. 

Legal experts say the decision could set a precedent for Indian crypto regulation, impacting how exchanges manage custody, client assets and dispute resolution in future.