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 superannuation funds (SMSFs) held a total of $658.6 million (approximately AUD 992 million) in cryptocurrency, a 400% increase compared to the same period in 2019 ($131.5 million, approximately AUD 198 million).

In Australia, self-managed superannuation funds (also known as private pension funds) allow individuals to control the investment of their retirement funds. These retirement plans are regulated by the Australian Taxation Office, and SMSFs still need to comply with pension regulations.

Danny Talwar, head of tax at cryptocurrency tax service provider Koinly, said this makes cryptocurrency the "fastest-growing asset class" in SMSFs.

Talwar also emphasized that cryptocurrency accounts for only 0.1% of the total net assets held by Australian SMSFs. He also pointed out that small SMSFs often have a higher proportion of cryptocurrency in their investment portfolios. (Cointelegraph)