Cryptocurrencies are making inroads into Australia's A$4.3 trillion superannuation system, with Coinbase and OKX launching products aimed at self-managed superannuation funds (SMSFs). These funds, which allow investors full control over their investments, represent a quarter of the Australian superannuation market. Unlike traditional superannuation funds, SMSFs are more open to cryptocurrency investments, marking a significant shift towards integrating digital assets into mainstream finance.
The Australian Securities and Investments Commission (ASIC) has cautioned investors about the volatility of cryptocurrencies, advising them to seek professional guidance before setting up an SMSF. ASIC emphasized the importance of preserving and increasing value within the superannuation system to ensure a secure retirement income.
Cryptocurrencies Enter Australia's $4.3 Trillion Superannuation Market
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