According to a report by Bloomberg, crypto mining hardware retailer Phoenix Technology is planning an initial public offering (IPO) in Abu Dhabi, UAE.
Phoenix Technology, a mining operator based in the UAE, is constructing one of the most extensive mining facilities in the Middle East. The corporation holds distribution rights for various tech hardware manufacturers in the Middle East, Africa, and Turkey.
According to anonymous sources cited in the Bloomberg report, the matter is still being discussed, and the specifics still need to be determined.
The UAE has been one of the most crypto-friendly jurisdictions in the world, establishing a crypto-specific regulator known as the Dubai Virtual Asset Regulatory Authority (VARA) to provide regulatory clarity.
In addition, the UAE emirate of Ras Al Khaimah (RAK) has established a crypto-focused free trade zone dubbed the RAK Digital Assets Oasis, also known as RAK DAO.
Local crypto participants believe the UAE’s crypto-friendly infrastructure is more business-friendly than the United States. In a previous interview, the executive of Crypto Oasis, Saqr Ereiqat, stated that the UAE’s regulatory frameworks are more streamlined than those in the United States.
The UAE’s crypto regulators are strict when submitting requirements and penalizing businesses that cannot meet their deadlines despite their goodwill toward crypto businesses.
BitOasis, one of the largest local exchanges in the country and the first to obtain an operational license in Dubai, had its license suspended by VARA on July 11. According to VARA, the exchange could not satisfy the regulator-mandated deadlines for submitting required documents.
