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ARTICLE · 22 DECEMBER 2025

Recognition Of Cryptocurrencies As Property By The Madras High Court

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On October 25, 2025, the Madras High Court delivered a significant ruling in the case of Rhutikumari vs Zanmai Labs Pvt. Ltd. (O.A. No. 194 of 2025), in which it clearly stated that cryptocurrencies are considered "property" under Indian law.

IndiaTechnology
Helen Stanis Lepcha
Helen Stanis Lepcha
Rahul Dahiya
Rahul Dahiya
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On October 25, 2025, the Madras High Court delivered a significant ruling in the case of Rhutikumari vs Zanmai Labs Pvt. Ltd.1 (O.A. No. 194 of 2025), in which it clearly stated that cryptocurrencies are considered "property" under Indian law. The Court acknowledged that digital assets can be owned, possessed, and enjoyed, and they may also be held in trust. This ruling represents the first clear judicial declaration in India recognizing cryptocurrencies as legally protected proprietary rights.

  1. Background of the Case

The conflict stemmed from the WazirX cyberattack in July 2024, during which hackers infiltrated one of the exchange's cold wallets, resulting in losses that surpassed USD 230 million across a range of digital tokens. In retaliation, WazirX (via its Indian operator Zanmai Labs) suspended user accounts and launched a restructuring plan that the Singapore High Court endorsed, suggesting pro-rata compensation through a scheme of arrangement. The

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