Andreessen Horowitz applauds UK’s progressive approach to crypto regulation as a16z to open UK office Andreessen Horowitz applauds UK’s progressive approach to crypto regulation as a16z to open UK office
VC firm Andreessen Horowitz says U.K. is on the right regulatory path - intends to develop U.K., European crypto ecosystem through London.
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Updated: Jun. 12, 2023 at 11:11 am UTC
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Andreessen Horowitz (a16z) General Partner Chris Dixon praised the U.K.’s regulatory approach to crypto and announced expansion plans in the country, including opening a London office, marking its first international station outside the U.S.
Recent months have seen U.S. regulators take an increasingly hostile stance toward the digital asset industry, with matters accelerating last week following the SEC lawsuits targeting Binance and Coinbase.
Despite accusations of regulatory overreach by U.S. authorities, even allegations of underhand tactics in cutting off crypto banking support via Operation Choke Point 2.0, a16z reaffirmed its commitment to American operations, saying it intends to continue lobbying for clear rules.
“we will remain heavily invested in the U.S. We continue to be committed to working with U.S. policymakers and regulators to push for more regulatory clarity for crypto startups here.”
U.K.’s crypto ambitions “on track.”
Dixon acknowledged the difficulties facing global regulators in balancing investor protections with “stamping out the harmful “casino” culture” typical of the crypto industry – a problem exacerbated by the novelty of digital asset technology.
Nonetheless, by local regulators working with the industry, “laying a foundation” for blockchain-based applications, utilizing a regulatory sandbox, and opting for “Outcomes-based regulation,” Dixon believes Web3 startups in the U.K. will flourish.
The tech V.C. firm conceded that regulatory hurdles still exist to resolve. But believes the country is “on the right path” to establishing itself as a Web3 leader, which spurred its decision to set up a London office to “grow the crypto and startup ecosystem in the U.K. and Europe.”
On a16z’s U.K. expansion plans, U.K. Prime Minister Rishi Sunak commented: :
“That success is founded on having the right regulation and guardrails in place to protect consumers and foster innovation. While thereโs still work to do, Iโm determined to unlock opportunities for this technology and turn the UK into the worldโs Web3 centre.”
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
