August 18, 2019 Australian Tax Office fines crypto-focused retirement funds for breaching regulations preventing more than 90% of retirement funds being invested in a single asset class.

The ATO sent letters to 18,000 investors with over 90% of their retirement savings in Self-Managed Super Funds, threatening fines of up to 4,200 AUD. The notifications follow earlier notices from the Australian Securities and Investments Commission warning investors to “be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies.” U.S. tax authorities sent similar warnings to crypto investors earlier this month.