In a landmark decision, the Madras High Court held that cryptocurrencies qualify as “property” under Indian law — capable of being owned, transferred and held in trust. The ruling applies to digital assets like cryptocurrencies and was issued in a case involving frozen ‘XRP’ tokens at the exchange WazirX. The judgement clarifies that such assets are virtual digital assets under the Income Tax Act and may now face clearer treatment in taxation, insolvency and custodial frameworks.