Cryptocurrency warning from ASIC

ASIC has issued a warning for SMSFs investing in crypto-assets, after noticing an increase in marketing recommending Australians switch from retail and industry superannuation funds to self-managed superannuation funds (SMSFs) so they can invest in a ‘high return’ portfolio.

They have advised that “Crypto-assets are a high risk and speculative investment.”

We are especially impressed that ASIC is reminding superannuation fund members it is “best practice to seek advice from a licensed financial adviser” before agreeing to transfer superannuation out of a regulated fund into an SMSF.

The only flaw in this advice is that most planners will not accept an appointment from someone who wants to invest in Crypto-assets!  Maybe they should contact ASIC instead?