Hi I just opened an SMSF investing account with CMC markets to buy crypto. CMC Markets does not allow transfer of crypto to a separate wallet and all crypto assets have to be with CMC markets unless sold and withdrawn in cash.
super laws require that (Copied from ATO Site)
" An SMSF’s crypto assets must be held and managed separately from the personal or business investments of trustees and members. This includes ensuring the SMSF has clear ownership of the crypto assets. This means the fund must maintain and be able to provide evidence of a separate crypto wallet for the SMSF from that used by trustees and members personally.
I understand the key point above is separation of SMSF and personal cryto asset. the account opened is in our SMSF name and any asset acquired would be for SMSF. Question is that since SMC Markets will not allow transfer of assets to a crypto wallet and assets will remain there as long as they are held, will it be in line with the Super laws? Specially, the text highlighted above? Do we really need a wallet for keeping SMSF assets?
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