Australia’s nearly 612,000 self-managed super funds hold a total of A$992 million in cryptocurrencies

According to statistics released by the Australian Taxation Office (ATO) on November 26, as of the end of the third quarter in September, nearly 612,000 self-managed super funds (SMSFs) held a total value of US$658.6 million (approximately A$992 million). ) of the cryptocurrency, an increase of 400% compared to the same period in 2019 (USD 131.5 million, approximately AUD 198 million). In Australia, self-managed super funds (also known as private super funds) allow individuals to control how their retirement funds are invested. Such retirement plans are regulated by the Australian Taxation Office, and SMSFs still need to comply with superannuation regulations. Danny Talwar, head of tax at crypto tax service provider Koinly, said this makes cryptocurrencies “the fastest growing asset class (in terms of allocations) among SMSFs.” Talwar also highlighted that cryptocurrencies only account for 0.1% of the total net assets held by Australian SMSFs. He also noted that smaller SMSFs tend to have a higher proportion of cryptocurrency allocations in their portfolios. (Cointelegraph) According to previous news, the Australian Taxation Office proposed taxing DeFi transactions, but did not clarify whether it would apply to liquidity staking and L2 bridging operations.