'Do not rely on social media ads or online contact from someone promoting an investment opportunity,' warns the Australian Securities and Investments Commission. investments cryptoassets
Australian Regulator Warns Against Investing Retirement Funds in 'High Risk' Crypto-Assets
The watchdog added that superannuation fund members that wish to “transfer superannuation [retirement savings] out of a regulated fund into a self-managed superannuation fund ” should seek advice from a licensed adviser before making the switch.issued on January 17, 2022, the ASIC also details some of the tactics used by scammers that Australians need to be on the lookout for. The warning states:
For Australians that decide to personally manage their retirement funds, the watchdog reminds them of their responsibilities as well as the tax consequences that arise if they decide to invest in cryptocurrencies. The warning also emphasizes that only licensed financial advisors are better placed to assist Australians seeking to set up an SMSF.Meanwhile, the warning revealed that the ASIC had made the decision to shut down an unlicensed services business.
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