RATE Group | Self-Managed Super Funds Pushing up Australian Cryptocurrency Activities
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Self-Managed Super Funds Pushing up Australian Cryptocurrency Activities

17 Sep Self-Managed Super Funds Pushing up Australian Cryptocurrency Activities

Posted at 05:31h in Cryptocurrency News by

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The Australian self-managed super funds are helping push cryptocurrency trade volumes up.

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While the cryptocurrency space is having another rough month, with Bitcoin pushing below $6,000 and the second largest digital currency, Ethereum falling below $200, digital asset activities are ramping up in Australia.

A report by Business Insider showed digital currency trading volume had reached $1.5 billion in the first half of 2018, thanks to the cryptocurrency craze amongst Australian self-managed super funds (SMSFs) which have started to allocate in the space.

“Tracking the actual industry is even newer than the sector itself,” a spokesman for market regulator Australian Securities and Investments Commission (ASIC) was quoted as saying.  “Such aspects of the volume of transactions can be quite opaque, and you could imagine some of the claims by participants might warrant a certain skepticism.”

Adrian Przelozny, CEO of digital currency exchange Independent Reserve noted…

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