A16z Crypto to open first Asia office in Seoul

A16z crypto, the venture fund of Andreessen Horowitz, is opening its first Asia office in Seoul as part of its regional expansion.

The venture firm, which invests in cryptocurrency startups, has raised over US$7.6 billion across four funds, according to its website.

A16z crypto plans to increase its presence in Asia and provide more support for its portfolio companies in the region.

The firm appointed Sungmo Park, formerly APAC lead at Monad Foundation, to head operations in Asia-Pacific.

South Korea is the second-largest cryptocurrency market globally, with nearly one in three adults owning cryptocurrency.

A16z crypto joins other digital asset companies expanding into Asia, as the region draws interest due to clearer regulations and a large user base.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Foreign Virtual Asset Service Providers (VASPs) that target Korean users must register with the Korea Financial Intelligence Unit (KoFIU) and obtain Information Security Management System (ISMS) certification, a national information security compliance standard. KoFIU is South Korea’s anti-money-laundering authority. As of July 21, 2021, no foreign VASP had obtained ISMS certification 1.
Seoul office scope remains unclear. It may act as a representative office for portfolio support. Investment advisory work would need Financial Services Commission (FSC) licensing, while any virtual asset service would trigger KoFIU registration and ISMS certification 1.
South Korea has a large crypto market, with nearly one in three adults owning cryptocurrency 2. a16z crypto research finds regional differences, with developed nations like South Korea skewing to token trading while emerging markets see faster mobile wallet growth 3.

Compliance firms and Know Your Customer (KYC) providers, which offer identity verification services, can pitch a16z crypto teams that plan to serve Korean users and will need ISMS certification plus KoFIU registration 1.
Recruiters and talent acquisition firms can map which a16z investments are hiring for Asia-Pacific (APAC) roles, as the Seoul office focus on go-to-market work signals regional hiring needs 4.
Localization vendors, legal advisors, plus custody and fiat ramp providers can support startups in Asia. Custody means secure storage of crypto assets, while fiat ramps means services that convert between traditional currencies and crypto 4.