1 year ago
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UK and Europe to support Web3 industry
A16z crypto, the crypto asset (virtual currency) investment arm of major US VC Andreessen Horowitz (a16z), announced on the 11th that it will open an office in London, UK. It will help grow the ecosystem of cryptocurrencies and start-ups in the UK and Europe.
The reasons for choosing the UK include Prime Minister Rishi Sunak and the UK government’s recognition of the potential of Web3, as well as the UK authorities’ willingness to work with the industry in formulating policy. .
a16z explains that the UK is well on its way to becoming a leader in cryptocurrency regulation and is looking to adopt approaches that are suitable for blockchain and digital assets, including:
- Collaborate with industry to identify the characteristics of blockchain technology and what risks they pose in decentralized and centralized services
- Build a foundation for applying blockchain technology
- Advocate an innovative sandbox for regulation
- Focus on an outcome-based approach
- Put consumer protection at the center of regulation
In addition, he mentioned that the UK has abundant human resources, academic institutions, a strong entrepreneurial culture with many unicorn companies, and the world’s largest financial market and capital pool. .
a16z plans to hold its next cryptocurrency startup school in spring 2024 in London. It also plans to contact blockchain clubs active in UK universities to help develop educational courses and connect with the industry.
What is sandbox
Meaning of “sandbox” where experiments can be conducted. In particular, a regulatory sandbox is a system that allows testing of innovative products, services and business models under the supervision of authorities. It will be possible to foster innovation by innovative companies in an environment where existing laws are relaxed to a limited extent.
Cryptocurrency Glossary
Comment from Prime Minister Rishi Sunak
In October last year, former Finance Minister Rishi Sunak, who is known to be active in cryptocurrencies, was appointed Prime Minister of the United Kingdom.
During his tenure as Finance Minister, Prime Minister Sunak advocated making the UK a hub for cryptocurrency technology, and proposed policies such as “strengthening competitiveness in the tax system for the development of the cryptocurrency market.” was
connection: Former Finance Minister Sunak will be appointed as the new Prime Minister of the United Kingdom Active in the spread of virtual currency
Prime Minister Sunak said a16z’s opening of a London office was a welcome move in making the UK the center of Web3. Furthermore, he states:
As the UK strengthens its position as a science and technology powerhouse, it must embrace new innovations such as Web3, which leverages blockchain technology. Doing so will enable start-ups to thrive and the economy to grow in the UK.
Its success will be based on having the right regulations in place to protect consumers and encourage innovation. We want to exploit the opportunities this technology offers and make the UK the Web3 hub of the world.
Under Prime Minister Sunak, the UK reorganized its ministries in February this year. The Ministry of Science, Innovation and Technology was created as part of the cabinet reshuffle. The ministry is reportedly expected to promote strategies for the Metaverse (virtual space) and Web3.
connection: UK’s newly established “Ministry of Science, Innovation and Technology” to promote Web3 and Metaverse = report
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