Altcoins News
By MikeT
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Madras High Court Recognizes XRP as Property. Justice Venkatesh’s verdict officially recognizes XRP and other cryptocurrencies as a form of…
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Background of the Case: The WazirX Hack. The case stemmed from a cyberattack on the WazirX exchange, operated by Zanmai Labs Pvt. Ltd.
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WazirX’s Defense and Jurisdictional Argument. WazirX’s operator, Zanmai Labs, countered the petition by claiming that its Singapore-based parent…
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XRP Holdings Not Affected by the Hack. The court carefully analyzed the details of the cyberattack and concluded that the XRP holdings in…
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Strengthening Legal Recognition of Digital Assets. By defining cryptocurrencies as property, the Madras High Court has provided a much-needed layer…
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Court Calls for Improved Crypto Governance. Justice Venkatesh also issued a strong message to the crypto industry, stressing the need for…
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Implications for India’s Crypto Future. The ruling has significant implications for both crypto investors and platforms in India.
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In a historic judgment that could reshape the future of cryptocurrency regulation in India, the Madras High Court has officially declared XRP and other digital assets as property…
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The ruling comes amid a long-standing dispute between an XRP investor and the Indian crypto exchange WazirX, following a large-scale cyberattack that cost users millions in…
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Justice Venkatesh’s verdict officially recognizes XRP and other cryptocurrencies as a form of “property” under Section 2(47A) of the Income Tax Act, 1961.
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This ruling marks a pivotal moment for India’s crypto community, providing clarity on the legal standing of digital assets.
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The case stemmed from a cyberattack on the WazirX exchange, operated by Zanmai Labs Pvt. Ltd. In January of the previous year, an Indian investor purchased 3,532.
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Following the incident, WazirX froze multiple user accounts, including the investor’s, claiming the move was necessary to contain the damage.
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The investor filed a petition arguing that her XRP holdings were separate from the stolen Ethereum-based assets.
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WazirX’s operator, Zanmai Labs, countered the petition by claiming that its Singapore-based parent company, Zettai Pte Ltd, was under an order from a Singapore court.
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