Australia: 100% Crypto-Invested Retirement Portfolios Are Illegal
Jack Martin's original article for cointelegraph.com reduced by 73%
The Australian Tax Office has issued warning letters to 18,000 Self Managed Super Funds for concentrating too much investment in one asset class. Under Australian law it is illegal to use more than 90% of retirement funds on a single class, such as property or cryptocurrency, as reported by local news outlet, Micky, Aug. 16.Legally obliged to diversify your retirement portfolio.
An SMSF involves an individual taking charge of their own retirement fund investment decisions, rather than relying on a professional fund manager. The tax office letters are reminding retirees that they have a "Duty to comply with legal requirements to adopt investment strategies avoiding risky investments." The majority of those breaching the regulations are invested in property, but an increasing number are turning to cryptocurrency. Australia actually has some of the most favorable laws around investing retirement funds into cryptocurrency.
"Australia happens to be the only developed country where retirement money, superannuation money, can very easily be invested into cryptocurrencies..
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