Crypto mining hardware retailer Phoenix Technology mulls IPO in UAE: Report

Crypto mining hardware provider Phoenix Technology is reportedly starting discussions to conduct an initial public offering (IPO) in the United Arab Emirates, according to a report by Bloomberg.

The Bloomberg report cites anonymous sources who explained that discussions around the matter are ongoing and that the details are not yet finalized.

Phoenix Technology is a UAE-based mining operator that is developing one of the largest mining facilities in the Middle East. The company has distribution rights for various tech hardware manufacturers throughout the Middle East, Africa and Türkiye.

Cointelegraph reached out to Phoenix Technology for comments but did not get an immediate response.

The UAE has been one of the most crypto-friendly jurisdictions in the world, constantly trying to provide regulatory clarity by establishing a crypto-dedicated regulator called the Dubai Virtual Asset Regulatory Authority (VARA). Apart from this, an emirate within the UAE called Ras Al Khaimah (RAK) has created a crypto-focused free trade zone called the RAK Digital Assets Oasis, more commonly known as RAK DAO.

Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM

— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022

Crypto players operating locally also believe that the UAE’s infrastructure is more business-friendly than the United States when it comes to crypto. In a previous Cointelegraph interview, Crypto Oasis executive Saqr Ereiqat said that the UAE’s regulatory frameworks are more streamlined compared to the fragmented regulatory environment in the United States.

Despite its friendliness toward crypto businesses, the UAE’s crypto regulators are also strict when it comes to submitting requirements and penalizes businesses that aren’t able to comply with its deadlines. On July 11, VARA suspended the license of BitOasis, one of the largest local exchanges in the country and the first to secure an operating license in Dubai. According to VARA, the exchange was unable to meet the deadlines for submitting the mandated requirements by the regulator.

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