India’s courts have officially declared that crypto is now as legal as your neighbor’s cat-technically property but still a menace. Justice N. Anand Venkatesh, in a move that could make your ex’s restraining order look like a gentle suggestion, ruled that XRP and other digital tokens qualify as “movable, identifiable, and privately controlled” assets. 🚨 Translation: You can now sue someone over your stolen crypto with the same vigor you’d sue them for stealing your Netflix password.
Forget speculative assets-XRP is now the legal equivalent of your grandma’s antique vase. Just replace “cryptographic keys” with “rusty key under the doormat” and voilà, you’re in a courtroom drama. 🎩
A Dispute Over Lost Funds That Changed the Law
It all started when WazirX, India’s go-to crypto exchange, got hacked like a bad Airbnb host. In July 2024, $230 million vanished, leaving users with frozen accounts and existential dread. Picture this: You’re mid-TikTok dance when your life savings evaporate. 🕺💸
One investor, who’d bought 3,532 XRP (roughly ₹1.98 lakh), found herself in a Kafkaesque nightmare. Her funds were untouched by the hack, yet her account was locked. She sued, arguing her XRP was held in trust-like leaving your car keys with a stranger and expecting them to park your car safely. 🚗
WazirX’s Defense – and the Court’s Rejection
WazirX’s defense? “Singapore said we’re allowed to steal your money!” The exchange claimed jurisdiction was a foreign issue, thanks to its parent company’s offshore antics. Justice Venkatesh, however, was having none of it. “You took Indian rupees, so you’re on Indian soil,” he declared, as if telling a tourist they can’t jaywalk just because they’re from a country where cows roam free. 🐄
Crypto Declared Property Under Indian Law
The judge cited India’s Income Tax Act, proving crypto is now as taxable as your second home in Goa. By defining XRP as “movable property,” he gave crypto holders a legal sword to wield against hacks and shady exchanges. Just don’t expect it to help you dodge taxes on that extra house. 🏡
A Call for Accountability and Better Governance
Justice Venkatesh also sent a memo to crypto exchanges: “Act like a bank, or we’ll treat you like one.” Exchanges now need to segregate user funds, do audits, and follow KYC rules. Because nothing says “trust us” like making your users fill out paperwork longer than a passport application. 📄
Broader Implications for XRP and the Global Market
This ruling has global crypto lawyers doing backflips. XRP, already a bridge currency for banks, now has a golden ticket to legitimacy. Meanwhile, offshore exchanges are panicking like they just realized their Wi-Fi bill is due. 🌐
Conclusion
India’s courts have turned crypto into a legal asset, proving that even the most chaotic digital money can get a restraining order against chaos. As Justice Venkatesh noted, courts will now referee the wild west of crypto-because nothing says “progress” like suing over a digital token at 2 a.m. 🌙
This article is not financial advice. If it were, you’d own a yacht by now. Always consult a professional-or at least someone who knows what a stock ticker is. 📈
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2025-10-27 20:55