The two largest centralized cryptocurrency exchanges, Coinbase and OKX, are launching services for self-managed superannuation funds (SMSFs) in Australia, providing individuals with a new way to incorporate cryptocurrency into the country's retirement savings system.
Bloomberg reported on Monday that while Australians have been able to hold digital assets in SMSFs for years, Coinbase and OKX are now packaging this access into dedicated products.
These exchanges no longer allow investors to independently establish structures and manage custodianship; instead, they offer integrated services that combine recommendations from accountants and law firms with integrated custodianship and record-keeping to meet audit requirements.
According to data from the Australian Taxation Office, SMSFs account for about a quarter of Australia's superannuation pool, holding approximately AUD 1.7 billion (USD 1.1 billion) in digital assets as of March 2025. This total has grown sevenfold since 2021, making SMSFs the first segment of the system to show significant cryptocurrency exposure.
Coinbase told Bloomberg that over 500 investors have joined the waitlist for its SMSF service, with most planning to allocate up to AUD 100,000 in digital assets. OKX launched a similar service in June and noted that demand has exceeded expectations.
This shift lowers the entry barrier for mainstream investors and marks the first organized attempt by major exchanges to enter this retirement system market, which ranks among the highest in the world on a per capita basis.
As the SMSF experiment in Australia unfolds, other major economies are also weighing how retirement funds should interact with digital assets, with movements in the United States being particularly noteworthy.
Fidelity Investments became the first major financial institution to introduce cryptocurrency into retirement plans, launching a Bitcoin 401(k) option in April 2022. This product initially allowed participants to allocate up to 20% of their retirement savings to Bitcoin (BTC) if their employer opted in, but it soon faced opposition from the Department of Labor. At that time, the Department warned trustees to be "extra cautious" about cryptocurrency exposure.
It wasn't until May 2025 that the Department of Labor formally rescinded its warning guidance and returned decision-making authority to plan sponsors.
A significant breakthrough regarding cryptocurrency in U.S. retirement policy occurred on August 7, when President Donald Trump signed an executive order titled "Democratizing Access to Alternative Assets for 401(k) Investors."
The order requires the Department of Labor to re-examine retirement plan rules, paving the way for the inclusion of alternative assets like cryptocurrency in 401(k) and other defined contribution accounts.
Unsurprisingly, this order sparked mixed reactions. Labor Secretary Lori Chavez-DeRemer welcomed the order, stating, "The federal government should not make retirement investment decisions for hardworking Americans, including decisions about alternative assets… This executive order further supports our efforts to increase flexibility and eliminate unfair one-size-fits-all approaches."
However, critics warned that this move could jeopardize savers. Chris Noble, policy director of the Private Equity Stakeholder Project, stated in a statement that this could "primarily benefit private equity firms at the expense of retirement security for millions of Americans."
At the same time, concerns about potential conflicts of interest are also growing. In addition to promoting crypto-friendly legislation and executive orders, Trump and his family have significant investments in the field.
On Monday, the World Liberty Financial (WLFI) token, backed by the Trump family, officially began trading after the project sold about a quarter of its token supply in a private sale, raising over USD 500 million.
Related: Crypto newcomers "spend lavishly"! From sky to sea, Bitcoin (BTC) becomes the "new generation luxury pass."
Original article: “Coinbase and OKX Push Cryptocurrency into Australia’s Retirement System”
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