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Cryptocurrency declared ‘property’ under Indian law by Madras High Court
Madras High Court ruled cryptocurrencies are “property” under Indian law, reinforcing rights of ownership and trust-holding in digital assets.
The Madras High Court stated that cryptocurrencies, while neither physical property nor legal tender, satisfy the legal definition of “property” that can be enjoyed, possessed and held in trust. Justice N Anand Venkatesh ruled that digital-assets qualify under Section 2(47A) of the Indian Income Tax Act, strengthening judicial clarity around ownership, auditability and fiduciary frameworks. The verdict is expected to bolster regulatory confidence, stimulate institutional participation and prompt a surge in compliant trading platforms, though liabilities around taxation and KYC/AML remain under scrutiny.