SMSFs and crypto-assets: ASIC warning about scams

ASIC has warned individuals about an increase in marketing and scams targeting people to switch from retail and industry super funds to self-managed super funds (SMSFs) to invest in crypto-assets (or cryptocurrencies). ASIC reminded super fund members that they should seek advice from a licensed financial adviser before agreeing to transfer their super into an SMSF. ASIC also noted that the ATO website contains information about the obligations for SMSFs making investments, including cryptocurrencies.