India, Oct. 27 -- With the dust seemingly settled on the $235 Mn crypto heist at WazirX, the Madras High Court (HC) has now taken a proactive step to define what a cryptocurrency is in the Indian context.

In a landmark ruling that could redefine India's legal approach to digital assets, the Madras HC has held that cryptocurrency qualifies as "property" under Indian law - capable of being owned, enjoyed, transferred, and held in trust.

The judgment, delivered by Justice N Anand Venkatesh, came during a case involving Zanmai Labs Private Limited, the operator of crypto exchange WazirX, and an investor whose 3,532.30 XRP tokens were frozen after the infamous July cyberattack.

Further, the court restrained the company and its directors fro...