Category: Superannuation

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Crypto News Markets Superannuation

Pension Funds Remain Interested in Crypto Despite Market Downturn

Despite this year’s bear market of “historic proportions”, pension funds across North America remain bullish on the crypto sector, according to The Wall Street Journal (WSJ).

Pension Funds at a Crossroad

According to the report, the interest is reflected in asset management firm VanEck, which notes that many pension funds have reached a crossroads in 2022, wondering whether to double down on crypto or otherwise throw in the towel.

Last year, one Houston-based firefighter pension fund put US$25 million into bitcoin and ethereum. While its investment is underwater, leadership understood at the time that “volatility and large swings are expected”.

Other pension funds are viewing the bear market as a potential opportunity for further investment at a substantial discount. While many funds don’t necessarily have conviction in the underlying crypto assets, some are willing to chase yields by engaging in yield farming.

Most notably, this has been adopted by a Virginia-based pension fund that told the WSJ approximately 4.5 percent of its US$6.6 billion in assets under management was being utilised for this purpose:

“Virginia county police pension fund getting into crypto yield farming is one of the most 2022 headlines ever.” – @alexgourevitch

Not All Funds Got the Memo

Of course, not all pension funds have adopted this “forward-thinking” approach. Representing the views of most pension funds, one US$300 billion fund for teachers in California recently pronounced it was avoiding crypto altogether, due to its inherent volatility.

Recently it emerged that a Canadian pension fund had invested in Celsius, a crypto “bank” that has since declared bankruptcy. For those paying attention, it was self-evident that the yields were unsustainable, and more importantly the risk far outweighed any potential benefits. Unfortunately, this wasn’t sufficiently clear for many:

Institutions continue to lump Bitcoin and crypto in the same sentence. Until they take the time to understand the difference, malinvestment is likely to persist for the foreseeable future.

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Australia Crypto News Superannuation Swyftx

Aussie Crypto Exchange Swyftx Merges With Superhero, Creating a $1.5 Billion Financial Powerhouse

Two of Australia’s most popular fintechs have announced an historic merger that will create the country’s first digital and traditional finance powerhouse.

The partnership between digital asset broker Swyftx and share trading and superannuation platform Superhero will establish an A$1.5 billion financial services giant. The combined group will count over 800,000 customers at completion.

Swyftx co-founders Alex Harper (left) and Angus Goldman (second from right) with John Winters (right) and Wayne Baskin of Superhero.

The merged business will become the first in Australia to offer access to both decentralised and traditional finance, supporting trading and investing across cryptocurrencies, equities and superannuation.

The proposed merger represents a significant step for both businesses in terms of their evolution from disruptive tech players into a single, major financial institution that can grow across domestic and international markets.

Alex Harper, co-founder, Swyftx

In July 2021, Superhero released its flagship superannuation offering, Superhero Super, allowing Australians the opportunity to invest their retirement savings in a range of portfolios, including direct ASX-listed shares and ETFs.

We are thrilled to announce this merger and offer our customers the opportunity to invest in traditional and digital assets across a single platform. The Swyftx team has achieved amazing things since launching in 2018 and we can’t wait to join together to offer investors an even better investing experience.

John Winters, co-founder, Superhero

A Closer Look at the Merger

Swyftx grew its investor base by around 1,200 percent last year, and is Australia’s top-rated digital assets exchange – providing access to more than 320 digital currencies and crypto interest-earning features.

Co-founded in 2018 by Alex Harper and Angus Goldman, the business currently has more than 600,000 retail and corporate investors on its platform.

Superhero is an Australian-owned and operated platform that offers its customers access to share in trading and a super fund. On its platform, customers can access more than 2,500 ASX-listed companies and ETFs with A$5 brokerage fees and over 4,500 US stocks and ETFs with US$0 brokerage.

The combined business will support 800,000 investors across New Zealand and Australia, with offices in Brisbane, Sydney, London and Vancouver. Swyftx expanded its bases to New Zealand in August of 2021. The merger is expected to be completed in early FY23, and on completion, Swyftx says it will offer its customers access to:

  • one login across both platforms;
  • one customer support team; and
  • one platform that tracks and manages cryptocurrencies, equities, and superannuation.
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Australia Crypto News Superannuation

Australians Double Their Crypto Exposure in Self-Managed Superannuation

Australians have doubled their exposure to crypto as an asset class in self-managed super funds (SMSFs), according to the latest available figures.

The most recent SMSF statistical overview report released by the Australian Tax Office (ATO) shows 0.6 per cent of the SMSF cohort held cryptocurrency as at June 30, 2020, compared with 0.3 per cent the previous year.

Crypto Exposure in SMSFs Growing Fast

This equates to A$227 million of a total of $8.4 billion invested in SMSFs, with crypto held in about 3,600 funds out of a total 600,000. The average crypto investment component is $34,000, a small figure in relative terms but growing fast.

Comparing the 0.6 percent of SMSF exposure to the 18 percent of all Australians who hold crypto, there is a clear gap waiting to be exploited that only emphasises the vast potential of the self-managed superannuation space.

There are 597,000 Australian SMSFs, encompassing 1.1 million members, with total assets valued at $822 billion, or 25 percent of the $3.3 trillion invested in all Australian superannuation funds. A total of 25,300 SMSFs were opened last year (up to June 21), with the net number of funds quadrupling the previous year’s figure – making 2021 the biggest year for SMSFs since 2015.

About New Venture Wealth

Melbourne-based New Venture Wealth’s stated aim is to simplify investing in crypto through a self-managed super fund. Since it was founded in 2020, the company has specialised in the provision of crypto-based SMSFs and focuses on maintaining a high level of customer service, care and contact.
 
A convenient feature of New Venture Wealth is that customers can at any time talk directly to staff who are SMSF experts, chartered accountants or auditors. Customers can also rest assured that compliance requirements are upheld every step of the way.

Free Webinars This Month

New Venture Wealth is running free webinars during May with the focus on educating beginners about how they can get into crypto via an SMSF. Each webinar runs for about 30 minutes and covers topics such as:

  • what is an SMSF?
  • how does the ATO allow crypto as an asset class for an SMSF?
  • what are the steps to setting one up?, and
  • what are the auditing requirements?, and more.

The link to register is here: https://www.newventurewealth.com.au/free-webinar/

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eToro Superannuation

Debunked: Superannuation is Important to Young Aussies, with Gen Z & Millennials Kickstarting a New SMSF Trend

SYDNEY, AUSTRALIA – April 19, 2022: Social investing network eToro has today launched the findings of a new national survey which reveals, contrary to popular belief, that Millennials (26-41-year-olds) and Generation Zs (18-25-year-olds) are leading the charge when it comes to managing and investing in self-managed super funds (SMSFs). Among the findings are:

  • Millennials and Zoomers are just as likely as Boomers to invest in self-managed super funds, according to new eToro data. 
  • Distrust of super funds, plus the foresight to plan for the future, is driving a new trend of young, empowered investors, most of whom are tipping up to $10K p.a. into SMSFs.
  • Tech stocks and crypto are preferred over property, while CFDs, options and FX take a back seat.

The survey of 1,000 Aussies commissioned by eToro found almost half of people under 35 (47 per cent) have an SMSF. The trend is relatively new with the majority of respondents (67 per cent) indicating they have been building their fund for just 1-5 years. 

More broadly, the data showed superannuation is important for 90 per cent of people under 35.

SMSFs are on the rise, with Zoomers just as likely as Boomers to self-manage, and Millennials contributing more cash annually.  

Self-managing is particularly on the rise among Gen Z with 86 per cent of those who have an SMSF, noting they created it within the past five years. Zoomers are just as likely (45 per cent) to have an SMSF as their Baby Boomer counterparts approaching retirement. 

Young people indicated the desire to take more control of their investments, with a third (33 per cent) believing they can get a better average return managing their own super than with a traditional superannuation fund. They also say they’re keen to invest in the future (37 per cent) as well as prepare nest eggs for retirement (40 per cent). 

The research revealed at least one-third of Millennials contribute between $5,000 – $10,000 annually to their SMSF (36 per cent), while half of Gen Z investors contribute $1,000 – $5,000 per annum (50 per cent). Just 16 per cent of people under 35 will contribute over $10,000 to their fund.   

Young people are more likely to invest in stocks and crypto over property, with tech stocks the top SMSF investment. 

The data indicated a large majority of Millennials and Gen Zs with an SMSF are focused on generating a diversified SMSF portfolio (84 per cent Millennials, 75 per cent Gen Z), filled predominantly with stocks (60 per cent Millennials, 72 per cent Gen Z), crypto (43 per cent Millennials, 64 per cent Gen Z), and property (41 per cent Millennials, 50 per cent Gen Z). By contrast, more than half (54 per cent) of respondents aged over 45 have at least one property in their SMSF.

Of Millennials invested in stocks, 45 per cent prefer the ASX market and 32 per cent opt for US markets, while the opposite is true for Gen Zs, who favour US markets (47 per cent) over the ASX (29 per cent). 

Tech, energy, real estate and financial were the industries of choice for both cohorts, with healthcare a priority sector for Millennials and materials sectors a focus for Gen Zs. 

Conversely, young investors shy from instruments with higher perceived risk, such as CFDs, options and FX. 

Influenced by long-term returns and expert industry sources, Millennial and Gen Z Aussies tend to rebalance their SMSF portfolios once a fortnight (28 per cent Millennials, 35 per cent Gen Zs). 

Despite appetite, lack of information and education are the biggest barriers to self-managing. 

Although 27 per cent of young people who don’t have an SMSF plan to organise one, there are barriers to entry that are holding back those who aren’t self-managing:

  • They don’t know where to begin (42 per cent Millennials, 40 per cent Gen Z).
  • They don’t know how an SMSF works (36 per cent Millennials, 38 per cent Gen Z).
  • They prefer someone else to manage their super on their behalf (33 per cent Millennials, 29 per cent Gen Z).

eToro Australia’s Managing Director Robert Francis said: “Despite stereotypical perceptions, Millennials and Gen Z Aussies are increasingly taking their superannuation and finances into their own hands. They are realising the importance of investing younger than their parents – many as early as 18 – in order to put themselves in an advantageous position for a comfortable retirement.

“For those unsure about whether to invest in an SMSF, eToro has tools and support teams available to help guide them through the process, and we encourage them to gain the knowledge they need to make the decisions that suit their personal situation and risk tolerance,” concluded Francis.

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Australia Crypto News Regulation Scams Superannuation

ASIC Cautions Investors Against Switching to an SMSF to Invest in Crypto

The Australian Securities and Investment Commission (ASIC) has issued a warning to consumers to not rely on people advising to invest in crypto via an SMSF.

SMSFs Are Crypto Scam Targets

There has been an increase in marketing that recommends Australians switch from retail and industry superannuation funds to self-managed super funds (SMSFs) to invest in cryptocurrencies. ASIC cautions investors to be wary of relying on ads and people inciting them to invest in crypto via their SMSF.

Do not rely on social media ads or online contact from someone promoting an ‘investment opportunity’. Be wary of people cold calling, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto assets via your SMSF.

ASIC

SMSF Association CEO John Maroney told The Australian newspaper that there had been an increase in crypto marketing in recent years, though not specifically relating to SMSFs. Maroney added that according to data from the ATO (Australian Taxation Office), in 2019 crypto represented less than 0.1 percent of SMSF assets. This number had grown significantly since then, Maroney said, consistent with the number of scammers trying to deceive investors through crypto-related ads and marketing.

Before investing in crypto assets, SMSF trustees and members need to consider the level of risk of the investment and ensure [it] is consistent with the fund’s investment strategy and the SMSF’s trust deed.

John Maroney, CEO, SMSF Association

Beware of Unlicensed Crypto Companies and ‘Finfluencers’

The ASIC warning came after it shut down A One Multi Services, an unlicensed financial company in Queensland, in November for buying A$2.4 million worth of cryptocurrency with members’ funds. In August, the regulator had warned investors about investing in unlicensed crypto companies as the number of crypto-related scams had significantly increased in Australia.

Finfluencers have also become a problem for Australians. Finfluencers are celebrities on social media channels such as YouTube, Instagram and TikTok who claim they can help their followers achieve “financial freedom” but without providing any kind of financial advice. This is specially worrisome for young people and newcomers keen to invest in crypto since they tend to be the most vulnerable.

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Australia Bitcoin Crypto News Regulation Superannuation

ASIC Investigating Further into Gold Coast Superannuation Scam

Short of opening a special branch in Queensland, the Australian Securities and Investments Commission (ASIC) has had an unusually busy month in the Sunshine State.

On November 6, ASIC obtained Federal Court orders to shut down unlicensed Gold Coast financial services business A One Multi for suspected unlawful activity. This came after it imposed a three-year ban on Queensland investment adviser Keith Robert McDermott for similarly failing to provide advice in clients’ best interests.

In the same week, an A$100 million class-action lawsuit was filed against the Gold Coast-based issuers of controversial token Qoin.

Now ASIC is trying to recover a trove of bitcoin worth up to A$29 million held in an encrypted device belonging to a director of A One Multi who is suspected of large-scale superannuation fraud. The investigation implicates CoinSpot, the crypto exchange used by accused scammer Aryn Hala to invest his allegedly ill-gotten gains.

Almost $30 Million in Bitcoin Unaccounted For

ASIC has co-accused Hala and his partner Heidi Walters along with A One Multi of scamming 92 financially strapped Australians who were looking to gain early access to their super. Bank accounts show the couple’s company received A$25 million from the investors. No criminal charges have been laid.

Alleged super scammer Aryn Hala. Source: Gold Coast Bulletin

ASIC alleges Hala and Walters used their victims’ money to buy bitcoin, luxury cars and other high-end goods, couture fashion, weight loss surgery, and to make a substantial donation to their church.

The couple has engaged lawyers, indicating they intend to challenge ASIC’s allegations. Hala and Walters’ legal team says they are openly assisting both ASIC and the receivers with their inquiries, including providing all financial records, in the hope the investigation is expedited.

ASIC called in receivers from KPMG to unravel Hala’s business and personal accounts and to trace the trove of bitcoin. It has also won travel bans against Hala and Walters and freezing orders over their assets, which include a Tesla and a Ferrari.

Unpicking Hala’s bitcoin investments has proved problematic for regulators and has raised issues regarding oversight controls at CoinSpot, which bills itself as one of Australia’s leading cryptocurrency exchanges.

CoinSpot Initially Claimed Hala Was Not a Customer

According to court documents filed by the regulator in support of freezing orders against the couple and A One Multi, CoinSpot initially told ASIC investigators that no records were held for crypto accounts in the name of Hala, Walters, or their company.

On closer inspection of Hala’s bank statements, ASIC located his CoinSpot account number and found he had a balance of just $1.96. A full CoinSpot audit showed Hala’s bitcoin wallet had received 375.99 BTC (worth almost A$30 million at time of writing) and executed total sell orders of A$979,843 – indicating that some $29 million worth of coins were located elsewhere. ASIC investigators believe Hala had transferred the coins to a cold wallet.

CoinSpot defended its early claim that Hala was not an account holder.

CoinSpot has a cooperative relationship with all relevant regulatory bodies including ASIC. Any lawful requests for information by regulators are treated seriously and with priority … [although that] information may need to be verified before any information can be shared.

CoinSpot statement

Hala is expected to share instructions with receivers KPMG on how to access his cold wallet in coming weeks.

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Banking Bitcoin Crypto News Investing New Zealand Superannuation

$75 Billion Aussie Super Fund Hostplus: ‘Crypto is Too Big to Ignore’

One of Australia’s largest institutional investors believes that cryptocurrency as an investment is the economic elephant in the room, with the likelihood of super funds holding digital assets inevitable in time.

Hostplus has over A$2.2 billion committed to the venture capital sector, of which A$1.5 billion has already been invested. The industry super fund’s chief investment officer, Sam Sicilia, says it is no longer possible to dismiss the booming crypto market simply because of regulatory headwinds.

Sam Sicilia, chief investment officer, Hostplus. Source: ioandc.com

“Hostplus does not have crypto investments, but I do see the day where it becomes mainstream for institutional super funds,” Sicilia told The Australian newspaper. “It’s not just about a return for us. We need a governance structure, we need safekeeping of the assets, and there are regulatory requirements.”

Much Work Still to Do for Super Funds

Super funds needed to do a lot more groundwork before they were “crypto-ready”, Sicilia adds, and regulatory challenges had to be met ahead of any such move.

Last month, the Bank of America released a research paper on crypto with a similar outlook as institutional investors around the globe consider crypto’s prospects.

“With a US$2 trillion-plus market value and more than 200 million users, the digital asset universe is too large to ignore,” according to Bank of America analysts Alkesh Shah and Andrew Moss.

Both Shah and Moss predict that crypto-based digital assets could form an entirely new asset class.

It’s difficult to overstate how transformative blockchain technology, digital assets and the thousands of decentralised apps that have yet to be created could potentially be.

Alkesh Shah and Andrew Moss, crypto and digital assets strategy analysts, Bank of America

Earlier this month, the Reserve Bank of Australia red-flagged the “fervour” and “speculative demand” for crypto, warning of the potential for a severe price decline.

That said, Hostplus’s Sicilia foresees that bitcoin’s volatility would open up buying opportunities well below its current US$57,500 price (at the time of writing).

“I think we can get 10 per cent or more out of equity markets each year until people have a choice to put their money somewhere else. And that could be a long time from now,” says Sicilia, who oversees A$75 billion in assets under management at Hostplus.

‘Where Else Will People Be Putting Their Money?’

“People will keep putting their money into equity markets to get dividends. That’s the driving force powering markets. And there will be volatility, of course, but so be it. Where else are they going to put their money?”

Two months ago, Australian superannuation funds were being urged to consider exposure to crypto assets or risk being left behind. In July, New Zealand-based pension fund Kiwi Saver revealed it had invested in bitcoin in October last year. While its chief investment officer said at the time that most super funds in Australia would follow suit within five years, the reality is that Aussie super funds remain too slow out of the blocks.

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Australia Crypto News Cryptocurrencies Cryptocurrency Law Regulation Superannuation Tokens

ASIC Shuts Down Gold Coast Crypto Investment Scheme ‘A One Multi’, $2.4 Million in Crypto Seized

The Australian Securities and Investments Commission (ASIC) has obtained Federal Court orders to shut down unlicensed Gold Coast financial services business A One Multi for suspected unlawful activity.

Interim orders and injunctions have been filed by ASIC against the company and its directors, Aryn Hala and Heidi Walters, to protect investors.

Self-Managed Super Funds Misappropriated

It’s alleged that Hala misled investors by convincing them to loan their superannuation funds to A One Multi and receive annual returns of over 20 percent.

Between January 1, 2019, and June 30, 2021, more than 60 self-managed super fund investors deposited approximately A$25 million into A One Multi’s accounts. ASIC alleges Hala used more than A$5.7 million of those funds for his and partner Walters’ personal benefit, including acquiring real estate and luxury vehicles in their names, and that a further A$2.4 million was transferred from A One Multi to buy crypto-assets.

On October 21, the Federal Court in Queensland made the following orders to protect investors:

  • that A One Multi be placed in receivership;
  • that asset preservation orders be issued against Hala, Walters and A One Multi;
  • that Hala transfer crypto-assets in his name to the receivers;
  • that orders be issued requiring the disclosure of information to ASIC against Hala, Walters and A One Multi, including in relation to the crypto-asset holdings; and
  • that travel restraint orders be issued against Hala and Walters.

The first tranche of crypto-assets held in Hala’s name was transferred to the receivers on October 25, and the court has since ordered the defendants to attend an ASIC office to facilitate the transfer of remaining crypto-assets.

Busy Week for ASIC in Queensland

While the A One Multi case is ongoing, it follows action taken by ASIC against Gold Coast timeshare business Ultiqa earlier this week. It also imposed a three-year ban on Queensland investment adviser Keith Robert McDermott for similarly failing to provide advice in clients’ best interests.

In what was clearly a busy week for crypto-related financial activities in Queensland, an A$100 million class-action lawsuit was filed against the Gold Coast-based issuers of controversial token Qoin.

As Crypto News Australia also reported in July, ASIC’s then-incoming new chairman Joe Longo warned that crypto trading in Australia was becoming “a significant area of concern”. Just a month later, ASIC issued further warnings to Australian investors about using unlicensed crypto companies.

Last month, ASIC began monitoring social media and messaging platforms as an early warning against pump-and-dump schemes.

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Binance Australia Crypto Exchange Crypto News Superannuation

New Binance Australia CEO Sets Out His Vision for the Company

With a background of seven years in the Australian cryptocurrency market so far, newly appointed Binance Australia CEO Leigh Travers has vowed to dedicate his life to the development and growth of the industry, and he has big plans for the future of blockchain down under.

As early as high school, Travers was already investing. “I didn’t really see a lot of point in putting money into the bank and earning some interest,” he says, seeing more opportunity and excitement investing his first $500 into stocks and smaller innovative companies, which he saw as having huge upside potential.

Travers was a publicly listed wealth manager for small to mid-cap growth companies in more traditional sharemarket and investment banking before following his passion for investing into more volatile terrain: the attraction to crypto was inevitable as the next natural step in Travers’ career.

Watch the full live AMA below:

Current State of the Australian Crypto Market 

Australian projects are positioned “at the top tier” in the crypto space worldwide, with some amazing DeFi and NFT products coming out of the country. Roughly there are 600,000 actual users on Binance Australia, with potential for a million customers and an equity market of 10 million.

Binance Australia’s team has doubled over the past few months to tackle its number one priority: to grow the market overall into a much larger user base. Travers says that the market is in a high-growth phase, with Binance user numbers expanding at a rate of 10 percent per month.

Corporate Onboarding to be Expedited 

Over the next 15 years, Travers sees equities moving towards crypto-based economic models. The SMSF (Self-Managed Super Fund) marketplace in Australia has massive potential – in a country with 800,000 self-managed super funds and an A$800 billion market, Binance Australia wants to gain maximum exposure into the “most liquid, lowest-cost, digital asset exchange in Australia”.

According to Travers, Binance Australia will focus on leading the way in the areas of:

  • integrating risk-managed crypto portfolios into wealth management platforms;
  • offering support with tax reporting;
  • extending education resources; and
  • vastly improving the platform’s onboarding processing time, from a few weeks to only a few days.

Priority to Binance Crypto Debit Card

Travers says the number one product customers from the community want is a crypto debit card. “You’ve got to give the people what they want,” he says, “and it’s quite clear.” As he explains, people want to be able to have more utility for their crypto, to spend it in everyday life, to pay bills, paying merchants, etcetera.

The Binance crypto debit card is a top priority and is in development now, aiming to hit the Australian market as soon as possible – possibly by the end of the current quarter. If its second-quarter results are any indication, the immediate future for Binance Australia looks bright.

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Crypto News Superannuation

Australian Super Funds Urged to Think About Crypto Exposure

With global crypto adoption up 880 percent over the past year and up to 70 percent of multinational institutional investors planning to invest in the sector in the coming 12 months, Australian superannuation funds are being urged to consider exposure or risk being left behind.

Different types of institutional investors. Source: Finoa

Australian Institute of Superannuation Trustees (AIST) 2021 Conference Talks Crypto

In a panel before the AIST, Genesis Block managing director Chloe White has argued that super funds that dismiss crypto risk underperformance and that crypto or blockchain-based digital assets ought to be viewed as an emerging asset class.

By failing to provide exposure to such assets to its members, super funds were at risk of falling behind:

It’s akin to asking in 1995 whether the internet should be adopted. It is something that seems very obvious in hindsight.

Chloe White, Genesis Block

At the same time, White acknowledged the challenge facing super funds and their position relative to innovation.

If you’re a super fund and looking at how you will be positioned 10 years into the future, it is very possible that your fund is going to underperform the market if you are the [only one] that is not providing any exposure or doesn’t have any exposure to this innovation at this stage of growth.

Chloe White, Genesis Block

Australian Securities and Investments Commission (ASIC) Innovation Hub senior adviser and lawyer Jonathan Hatch, who also spoke at the event, recognised how the industrial economy was shifting to a digital one where blockchain cryptocurrencies formed the underlying economic infrastructure.

Recognising that some digital assets were speculative in nature and prone to hype, he argued that there were also “some serious investments being made”.

This new technology [that’s only about] a decade old is the next-generation digital infrastructure for a global economy, upon which we can run financial systems, payment systems, identity managements systems, contracting systems and so on.

Jonathan Hatch, ASIC Innovation Hub senior adviser

Self-Managed Super Funds (SMSF) and Crypto

Earlier this year, a New Zealand-based pension fund, Kiwi Saver, disclosed that it had made an investment in bitcoin in October 2020. While its chief investment officer believes that most super funds in Australia will follow suit within five years, the reality is that Aussie super funds remain behind the eight-ball.

For most, the best way to gain crypto exposure is through an SMSF. While there are an array of different options in the market, Crypto News Australia has compared five of the best.