The UK is once again vying for the position of a leading crypto hub, with Andreessen Horowitz (a16z) selecting London as the location for its first international outpost. The venture firm praised the UK government for recognizing the potential of web3.
London’s Emergence as a Fintech Innovation Hub
London is already renowned as a hub for fintech innovation, and there have been long-standing expectations for the UK to pave the way for digital assets and Web3 startups. However, progress seemed to have stalled in recent years as digital asset companies faced challenges in securing bank accounts in the country and registering as crypto asset firms with the Financial Conduct Authority (FCA). Several major digital assets conferences even relocated to other cities, and the UK government put a halt to its own Royal Mint NFT launch.
A Change in the Tide
The tide is now turning once again with the passage of the Financial Services and Markets Bill, which includes provisions for crypto assets. Additionally, the UK government is rolling out the red carpet for the crypto-focused venture capital firm, a16z. UK Prime Minister Rishi Sunak has expressed determination to transform the UK into the world’s Web3 center.
Dr. Lisa Cameron – Advocate for Crypto Regulation
Dr. Lisa Cameron, a Member of Parliament (MP) from the Scottish National Party, is a leading figure in the crypto industry. She began her career in the National Health Service (NHS) before transitioning into politics in 2015. Dr. Cameron currently heads the Crypto and Digital Assets All Party Parliamentary Group (APPG), which serves as a platform for discussions among parliamentarians, regulators, and industry experts on the challenges and opportunities in the crypto industry. She is also the vice chair of the Web3 and Metaverse All Party Group.
Following a 10-month inquiry, the digital assets APPG published a report in June calling for urgent regulation of the crypto industry and the appointment of a “crypto tsar” to coordinate the country’s regulatory approach.
Dr Lisa Cameron, SNP MP and head of crypto and digital assets APPG. Image: Lisa Cameron
Ian Taylor – Leading Crypto Advocate
Ian Taylor has been a prominent figure in the UK crypto scene for quite some time. Previously heading CryptoUK, the UK’s trade body for digital assets, Taylor recently assumed a board advisory position after becoming the head of digital assets at KPMG UK. CryptoUK is a non-profit organization that educates policymakers and regulators about the digital asset industry, aiding in the development of regulatory frameworks in the UK.
Taylor played a pivotal role in building CryptoUK from scratch, growing it to over 160 members. He has successfully advocated for policy recommendations related to the travel rule and the ban on advertising. CryptoUK also serves as the secretariat for Dr. Cameron’s digital assets APPG group and collaborates with other industry bodies such as the Blockchain Association.
Taylor expects comprehensive regulations to be enacted within the next 12 months, bringing various crypto activities under the purview of the FCA.
Katie Fortune – Exploring the Potential of CBDC
Katie Fortune, a veteran at the Bank of England, currently serves as the senior manager in the bank’s CBDC unit. With over a decade of experience as an economist, Fortune is responsible for overseeing international and stakeholder engagement and contributing to the functional design of the central bank digital currency (CBDC).
In February, the bank published a paper on the digital pound, indicating the necessity of such an innovation in the future. While it remains undecided whether the digital pound will be introduced, preparatory work is underway.
Katie Fortune, senior manager in the Bank of England’s CBDC unit. Image: Bank of England.
Andrew Griffith – Driving Innovation in the Financial Services Sector
Andrew Griffith, a Conservative MP and the economic secretary to the UK Treasury, assumes responsibility for the financial services sector, including fintech, crypto assets, and CBDCs. Griffith is a passionate advocate for blockchain technology, recognizing its potential to positively impact multiple sectors in the UK. He enthusiastically welcomed a16z’s announcement of their London office, emphasizing the UK’s clear and ambitious plans for cryptoassets.
Griffith has consistently expressed the UK government’s aspiration to be a leader in the crypto space.
Andrew Griffith, Conservative MP and economic secretary to the Treasury. Image: Gov.uk.
Ijeoma Okoli & Toby Norfolk-Thompson – Promoting Public Policy
Ijeoma Okoli and Toby Norfolk-Thompson are the co-founders and co-directors of the Digital Economy Initiative, an independent think tank focused on promoting public policy for crypto assets in the US and UK.
Okoli, a former executive director at JP Morgan, played a crucial role in designing the global risk management and governance framework for cryptocurrencies. Norfolk-Thompson, on the other hand, served as the US and UK chief investment officer at Matrixport, a global digital asset manager.
The Digital Economy Initiative, established in 2021, aims to provide clear and reasoned recommendations and commentary to policymakers across the political spectrum, drawing insights from industry, technology, and law experts.
Co-founders of Digital Economy Initiative Ijeoma Okoli (left) and Toby Norfolk-Thompson (right). Image: Digital Economy Initiative.
Sriram Krishnan – Facilitating Web3 Growth
Sriram Krishnan, a general partner at a16z crypto, is a leading figure in the London crypto scene. As a venture capitalist investing in crypto and early-stage consumer startups, Krishnan is based in Silicon Valley but will oversee a16z’s new London office. His objective is to cultivate and enhance the existing web3 ecosystem in London by working closely with entrepreneurs, universities, and hosting the Crypto Startup School.
Krishnan believes that a16z’s decision to establish a London office is a strategic investment in the UK. The firm aims to guide discussions and collaborate closely with the UK government.
Sriram Krishnan, general partner at Andreessen Horowitz. Image: a16z.
Teana Baker-Taylor – Regulatory Clarity Advocate
Teana Baker-Taylor, with a background in marketing for traditional finance giants such as Citi and HSBC, transitioned into the crypto space in 2017. Recognizing the lack of regulatory clarity in the UK, she played a pivotal role in establishing two organizations focused on policy engagement: CryptoUK and Global Digital Finance.
As the head of regulatory strategy for EMEA at Circle and a non-executive director at CryptoUK, Baker-Taylor oversees governance and provides input on policy positions. She believes that the passage of the Financial Services and Markets Bill will provide regulatory clarity for digital currencies, paving the way for further developments in the crypto industry.
Teana Baker-Taylor, head of regulatory strategy for EMEA at Circle and non-executive director at CryptoUK. Image: CryptoUK.
Victoria McLoughlin, interim head of market interventions, digital assets department at FCA. Image: FCA.Victoria McLoughlin, a veteran at the Financial Conduct Authority (FCA), has been instrumental in overseeing digital assets in recent years. She currently serves as the interim head of markets interventions in the digital assets department. Previously, McLoughlin supervised registered, unregistered, and new entrant digital asset firms in the UK. She also contributed to the development of a new regulatory regime.
McLoughlin’s appointment signifies the FCA’s continued focus on digital assets and the need for effective oversight in the industry.
In conclusion, these nine power players are instrumental in shaping the UK’s growing crypto agenda. From policymakers and regulators to industry experts and advocates, their collective efforts contribute to establishing the UK as a leading center for crypto and web3 innovation.
Victoria McLoughlin, interim head of market interventions, digital assets department at FCA. Image: FCA.
Source: The Block
