- Blockchain investment firm a16z Crypto has announced expansion into the UK
- The UK office will Andreessen Howoritz’s first outside the US
- The company said Britain’s welcoming stance on web3 was key
Venture investment firm Andreessen Howoritz yesterday announced that it is to open its first overseas office, with the UK chosen as the destination for its a16z Crypto operation thanks to its positive regulatory approach. A16z Crypto stated in a blog post announcing the expansion that the UK is “strongly positioned to lead in web3” thanks to its desire to properly regulate the space rather than trying to eradicate it, with the aims of its UK office being to “grow the crypto and startup ecosystem in the UK and Europe.”
UK Crypto Hub Plans Key to Attracting Web3 Firms
The UK has put itself forward as a crypto and web3 hub ever since the then-chancellor, now Prime Minister, announced his desire for the country to be a leader in the web3 revolution. As a16z points out, the government has responded with regulations aimed at striking a careful balance between “stamping out the “casino” culture that has developed around crypto, while also allowing constructive applications to reach their full potential.”
The company clearly believes that the UK is on the way to achieving this balance, unlike the US where regulators such as the SEC have openly said there is no place, and no need, for crypto.
US Handing Advantage to Other Countries
A16z Crypto stated how it has been “working with policymakers and regulators across the globe,” but that, so far, the UK has been the most forward-thinking jurisdiction where it felt comfortable expanding:
…during our discussions it has become clear that the UK government sees the promise of web3, with Prime Minister Rishi Sunak suggesting the UK can become a hub of web3 innovation. UK authorities are also willing to work with the industry to create policies that incentivize startups to pursue decentralization.
The expansion will be a great boost to Sunak’s plans, showing that his ambitions are already bearing fruit. With the US and other countries on a path to crypto destruction, it seems like countries such as the UK and its former colony Hong Kong will be waiting gratefully to accept those looking to leave for greener pastures.
