Andreessen Horowitz opens crypto office in London amid crackdown

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Amid US Crypto Crackdown, Andreessen Horowitzis Reportedly Looks to the UK

The venture capital firm is opening a new office in London later this year to support cryptocurrency startups in Britain, company officials told The Wall Street Journal (WSJ) on Sunday (June 11).

Chris Dixon, Andreesen’s general partner and well-known crypto advocate, told the WSJ that the UK offers a more promising regulatory environment than the US, where the government has recently taken action against a number of leading exchanges.

We’ve wanted regulatory clarity for a long time, Dixon said. In the UK, I think it will happen faster because there is more political will.

As PYMNTS wrote, UK officials have tried to position the country as a hub for digital assets. In February, the UK Treasury unveiled proposed regulations for the industry, saying it would subject crypto firms to the same oversight as traditional financial firms.

Andrew Griffith, Economic Secretary of the UK Treasury, said in April that crypto regulations could be enacted within the next 12 months.

Related: UK Banks Turning Down Crypto Customers

Our robust approach to regulation mitigates the most significant risks, while harnessing the benefits of crypto technologies, Treasury said in its announcement. This allows an exciting new sector to thrive and grow safely, boosting jobs and investment.

The Treasury would require crypto platforms to define detailed content requirements for admission and disclosure documents to ensure exchanges have fair and robust standards.

Brian Quintenz, head of policy at Andreessen Crypto, told the WSJ that a document released by the UK government outlining its proposal struck the right balance between protecting consumers while promoting innovation.

That’s not to say the UK is letting crypto businesses run unhindered. Last week, the country’s Financial Conduct Authority unveiled new rules for the marketing of cryptocurrencies, designed to educate consumers about the risk of investing in digital assets.

In the United States, meanwhile, the SEC has launched, as PYMNTS wrote last week, its most aggressive crusade and one that touches nearly every facet of the crypto industry.

After taking successful enforcement actions against crypto exchanges Bittrex, Kraken, and Gemini, the agency is now trying to shut down Coinbase, the largest US-based crypto exchange (which includes Andreesen Horowitz among its investors.

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