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In a landmark ruling that could reshape cryptocurrency in India, the Madras High Court has declared that cryptocurrencies qualify as property under Indian law.
The Court’s decision, delivered by Justice N. Anand Venkatesh, affirms that cryptocurrencies can be owned, held in trust, and protected as legal property — a major step in clarifying the legal status of digital assets in the country.
The case arose from a petition by an investor whose 3,532.30 XRP coins were frozen after a cyberattack on WazirX, one of India’s largest cryptocurrency exchanges.
In July 2024, the platform suffered a $234 million hack involving Ethereum and ERC-20 tokens.
While the investor’s XRP holdings were not part of the stolen assets, WazirX sought to redistribute all users’ funds under its so-called “socialisation of losses” plan.
Justice Venkatesh firmly rejected the proposal, ruling that each investor’s digital holdings are individual property and cannot be diluted or redistributed to cover exchange losses.
He emphasised that cryptocurrencies, though intangible, possess all the essential attributes of property — they are identifiable, transferable, and exclusively controlled through private keys.
“It is not a tangible property nor is it a currency,” the judge observed. “However, it is a property, which is capable of being enjoyed and possessed in a beneficial form.”
This interpretation grants digital asset holders stronger legal standing, ensuring that their cryptocurrencies are recognised as assets protected under Indian law.
The Court also settled questions over jurisdiction, dismissing WazirX’s argument that Singaporean arbitration rules applied because its parent company, Zettai Pte Ltd, is based in Singapore.
Justice Venkatesh cited the Supreme Court’s earlier decision in PASL Wind Solutions Pvt Ltd v. GE Power Conversion India Pvt Ltd (2021), noting that Indian courts have authority over assets located within India.
Because the investor’s transactions originated from Chennai and involved an Indian bank account, the Court confirmed that the case fell squarely under Indian jurisdiction.
The court further highlighted that Zanmai Labs Pvt Ltd, which operates WazirX in India, is registered with the Financial Intelligence Unit (FIU) — unlike its foreign parent company or Binance.
This distinction reinforced that Indian exchanges operating domestically are subject to Indian oversight and accountability, particularly in protecting user assets and maintaining transparent custodial practices.
Justice Venkatesh’s decision went beyond individual relief to call for higher standards of corporate governance in the Web3 and crypto sectors.
He urged exchanges to maintain separate client funds, conduct independent audits, and uphold robust KYC and anti-money laundering controls.
These measures, the Court noted, are vital for building trust in the digital economy and protecting consumers from future mishandling of assets.
Legal experts hailed the judgment as a milestone in developing “crypto-jurisprudence” in India.
Vikram Subburaj, CEO of Indian exchange Giottus, described it as a foundational moment that signals to all market participants — exchanges, users, and regulators — that the digital asset space will be held to strong standards of governance and protection.
The Court’s ruling not only protects the rights of individual investors but also strengthens the broader regulatory framework around digital assets.
By recognising cryptocurrency as property, the judgment fills a crucial legal gap in a country where tax enforcement on crypto remains strict, but investor protections have lagged.
As Justice Venkatesh wrote, courts now serve as the “central stage where the future of digital value is debated.”
Through this ruling, the Madras High Court has given India a clearer picture of ownership, responsibility, and trust in the age of decentralisation.
With cryptocurrency in India now firmly recognised as property under Indian law, the decision marks a turning point for the country’s digital asset ecosystem — affirming that in India, crypto holdings are not just speculative instruments but protected assets under the law.
Evergrande has seen an impressive spike in shares even though both the HSI and the property sector in China are still struggling.
Chinese property developer Evergrande saw its shares jump 82% on Wednesday, outperforming other publicly listed companies on the Hang Seng Index (HSI). Evergrande shares closed at HK$0.640 after climbing 82.86%, according to data from MarketWatch. The company’s previous close was HK$0.350.
In the last 5 days, Evergrande shares have climbed over 137%. However, the company has been trading in the red, losing over 60% over the last few months. In addition, Evergrande has lost 61.21% year-to-date (YTD).
The HSI generally had the real estate sector as the top performer. Companies like Logan Group and Country Garden Holdings both rose at least 60% to boost the HSI. However, the index was derailed by industrial and healthcare stocks.
China has had issues with its property sector for a while, especially since the Evergrande default in 2021. China’s Securities Times today released a publication on the industry, asking the government to suspend any policies that prevent property acquisitions “in cities other than the hottest top tier cities.” According to the publication, the current climate makes such restrictions inappropriate, especially since they were initially introduced to reduce speculation. The release argued that it is important to implement policies that will encourage sales as quickly as possible.
In July, Evergrande released an earnings report that revealed a heavy combined loss of $81 billion for 2021 and 2022. The company said it lost 476 billion yuan ($66.36 billion) in 2021, and 105.9 billion yuan ($14.76 billion) in 2022. The losses came from property write-downs, losses from financial assets, land returns, and other costs. Evergrande’s default has cost the company quite a bit, easily seen when the reported loss is compared with the 8.1 billion yuan profit recorded in 2020.
When Evergrande defaulted, the company’s total liabilities were at $300 billion. However, this increased to $340 as of the end of 2022.
China’s property sector might be heading for more losses as Country Garden Holdings is also struggling. Although the company’s stock has climbed nearly 27% in the past month, its YTD performance shows a 48% plunge. Country Garden Holdings has also lost more than 32% in the past year. There are now fears that this indicates more problems for the property sector, especially as Country Garden narrowly missed a default. According to Natixis chief economist for Asia-Pacific in an August note, “Country Garden was considered the darling of real estate developers when Evergrande defaulted on its debt back in late 2021, as it had a much better-managed balance sheet. The rapid worsening of Country Garden’s profitability is a sign of how systemic real estate problems are in China.”
Analysts believe that a Country Garden collapse may be more devastating than Evergrande. This is because Country Garden caters more to mass-market housing instead of big cities and would significantly affect the populations in the places. Reports suggest that in 2022, nearly 60% of all Country Garden sales were in China’s lower-tier cities, instead of first-tier places like Shanghai or Beijing.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
China’s efforts to support and revive its property sector took a notable turn recently with a series of monetary policy adjustments to provide relief to the struggling real estate market.
Hong Kong-listed property stocks took the market by storm earlier today, outpacing all expectations and driving the Hang Seng Index (INDEXHANGSENG: HSI) to the top of the charts in Asia.
A recent report from CNBC revealed that China Evergrande Group (HKG:3333), one of the most prominent names in the real estate sector, witnessed a staggering 9% surge in its stock price. Logan Group Co Ltd (HKG: 3380) and Longfor Group Holdings Ltd (HKG: 0960) followed suit with remarkable 9% spikes of their own.
However, Country Garden Holdings Co Ltd (HKG: 2007) led the pack with an astonishing 14.61% increase in its stock price. The Hang Seng Mainland Property Index mirrored this bullish sentiment, recording a remarkable 9.09% rise.
Meanwhile, Country Garden, one of China’s leading real estate developers, has taken significant steps to address its debt obligations in recent days. Over the weekend, the company successfully secured approval from its creditors to extend payments for a 3.9 billion Yuan ($540 million) onshore private bond.
Additionally, Country Garden fulfilled its commitment by wiring a coupon payment for a 2.85 million Malaysian Ringgit ($613,000) denominated bond. These actions signal the company’s efforts to manage its debt and meet its financial obligations.
However, challenges remain on the horizon, as Country Garden is still scheduled to pay $22 million in coupon payments on two U.S. dollar-denominated bonds that it missed in early August. The grace period for these payments is set to expire on Wednesday, adding pressure on the company to resolve this outstanding debt.
China’s efforts to support and revive its property sector took a notable turn recently with a series of monetary policy adjustments to provide relief to the struggling real estate market.
On Friday, the People’s Bank of China (PBOC) announced a series of policy changes aimed at boosting the property market, including easing borrowing rules and reducing the reserve requirement ratio for foreign exchange deposits.
The relaxation of borrowing rules will likely make it easier for individuals and businesses to obtain loans for property purchases. By lowering the barriers to financing, the PBOC aims to incentivize investment in real estate, thus bolstering demand in the property sector.
On the other hand, the reduction in the reserve requirement ratio for foreign exchange deposits is intended to free up capital that banks can use for lending.
In addition to the PBOC’s policy adjustments, several major Chinese banks including the Industrial and Commercial Bank of China (SHA: 601398), China Construction Bank Corp (SHA: 601939), and Agricultural Bank of China (SHA: 601288) have taken the initiative to lower interest rates on Yuan deposits.
This move is significant because it directly affects the cost of borrowing and the returns on savings for individuals and businesses. Lower interest rates can encourage borrowing, boost consumer spending, and stimulate economic activity.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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As Evergrande grapples with its financial challenges, the company has been actively pursuing an offshore debt restructuring plan.
Evergrande Group, China’s largest indebted property developer, has finally unveiled its long-awaited earnings report, disclosing a staggering $81 billion combined loss for 2021 and 2022. According to the company’s financial earnings report released on July 17, the real estate developer acknowledged a net loss of 476 billion yuan ($66.36 billion) in 2021 and an additional loss of 105.9 billion yuan ($14.76 billion) in 2022.
These substantial losses were primarily attributed to write-downs of properties, return of land, losses on financial assets, and mounting finance costs. Notably, the reported loss represents a significant reversal from the net profit of 8.1 billion yuan recorded in 2020 when Evergrande’s operations were relatively stable.
The repercussions of Evergrande’s massive debt burden have reverberated throughout China’s property sector, a vital pillar of the country’s economy. The company’s struggles have resulted in defaults and unfinished homes, leaving suppliers and creditors in a precarious position.
The company’s financial woes started when it failed to repay a debt of $148 million in 2021. In order to compensate its suppliers and creditors, the real estate giant sold some of its assets and shares but was unable to meet the demand of investors, thereby going into default. The company’s total liabilities at the time amounted to $300 billion after the default
The following year, Evergrande announced that it had received an order from local authorities to halt trading its shares on the Hong Kong stock exchange, pending the release of the long-overdue financial results and ongoing investigations into seized deposits. The indefinite suspension raises questions about potential delisting if the shares remain halted beyond the 18-month threshold.
The company is now restructuring and confirmed that its shares will remain suspended.
According to the financial earnings report, Evergrande’s total liabilities have surged from $300 billion at the time of its default to $340 billion by the end of 2022, underscoring the significant financial hurdles faced by the company. The increase represents a 23% percent rise compared to the previous year, revealing the mounting challenges the company, the government, and investors encounter as they work towards resolving weaknesses within a sector that contributes to over a quarter of China’s economic activity. Additionally, the financial report indicated a substantial drop in revenue, with Evergrande’s earnings plunging by 55% to 230.1 billion yuan in 2022 compared to the more prosperous period of 2020.
In contrast, the company’s total assets experienced a decline of 20%, amounting to 1.8 trillion yuan. This drop in assets further accentuates the financial strain faced by Evergrande and its ongoing struggle to maintain stability amidst challenging market conditions.
Meanwhile, it is worth noting that Evergrande’s auditors, Prism Hong Kong and Shanghai Limited, refrained from expressing opinions on the company’s financial statements. The auditor cited insufficient audit evidence as the reason behind this decision, raising concerns about transparency and accuracy.
The reported losses align with analysts’ expectations, given the decline in Evergrande’s contracted sales, which amounted to 443 billion yuan in 2021 and a mere 31.7 billion yuan in 2022, compared to 723 billion yuan in 2020.
As Evergrande grapples with its financial challenges, the company has been actively pursuing an offshore debt restructuring plan. It recently announced that hearings for the reorganizational schemes will be held in Hong Kong and the Cayman Islands, allowing creditors to consider and approve the proposed plan.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.