RATE Group | Australia warns retirees over heavily investing in cryptocurrency self-managed pensions …
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Australia warns retirees over heavily investing in cryptocurrency self-managed pensions …

19 Aug Australia warns retirees over heavily investing in cryptocurrency self-managed pensions …

Posted at 04:31h in Cryptocurrency News by

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Australia warns retirees over heavily investing in cryptocurrency self-managed pensions

The Australian Tax Office (ATO) has issued 18,000 warning letters to investors of self-managed super funds (SMSFs) for concentrating the majority of their retirement savings in cryptocurrencies, according to local news outlet Micky.

In its letter, the office said that retirees have a “duty to comply with legal requirements to adopt investment strategies avoiding risky investments.” Non-compliance could see them face a fine of up to AU$2,400 (US$2,852).

As per the report, investing more than 90% of retirement funds on a single class, such as property and cryptocurrency, is considered illegal under Australian law. SMSFs are a type of retirement accounts that are handled by individuals instead of a professional fund manager.

“We have already seen two instances of SMSFs losing significant amounts of their retirement savings through investment in cryptocurrency,” an office’s…

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