Andreessen Horowitz, a venture capital firm based in the U.S. chose London to open its first office outside of the U.S. The U.K. Government is said to be willing to implement policies to encourage startups to pursue a decentralization strategy.

A16z, a Menlo Park-based company in California, plans to invest in crypto and the startup ecosystems in the U.K., and Europe using the new office that will be opened later this year, and led by Sriram Krsnan, , it announced Sunday.

The firm also mentioned its recent investments into U.K. based companies. led a $43 Million Series A funding round for artificial intelligence platforms provider Gensyn.

A16z has made its move as the U.K.’s regulatory outlook for crypto assets is becoming more clear. All Party Parliamentary Group for Crypto Assets supports the government’s plan to integrate crypto into existing financial services regulations. The House of Commons Treasury Select Committee disagrees and says that crypto should be treated as gambling. This proposal has been met with opposition from those in the financial services industry.

“While there’s still work to do, we believe the U.K. will become a leader in the crypto regulatory field,” a16z stated. “It is home to more ‘unicorns’ than Germany, France, and Sweden combined; to some of the world’s largest financial markets and pools of capital; and to highly-sophisticated, world-class regulators.”

Rishi Sunak, the U.K. prime minister, welcomed the decision. He said: “We need to embrace new innovations, like Web3, powered with blockchain technology. This will allow start-ups here to flourish and grow the economic.”

A unicorn is an privately-owned startup valued at $1 billion or more.

A16z says it is still heavily invested in the U.S. where it will continue its push for clarity on regulatory issues for crypto startups.

Read more: UK lawmakers call for a dedicated government role to oversee crypto regulation

Sheldon Reback is the editor.