The latest cryptocurrency report speculates mining retailer Phoenix Technology plans to go public in the United States Emirates. That could see Phoenix becoming the first publicly listed digital assets company in UAE.
Phoenix Technology plans IPO in UAE
Phoenix Technology is a renowned cryptocurrency mining hardware retailer developing a leading mining facility in the Middle East. Meanwhile, speculations indicated that the firm could attain public listing this year.
Discussions are in the early stages. Thus, details about the IPO’s size and date remain adjustable. Meanwhile, Phoenix’s considerations match UAE’s effort to make the region a crypto hub.
UAE’s pro-crypto regulations have attracted leading companies in the cryptocurrency industry, including OKX, Bybit, and Binance Holdings. That’s unlike the situation in the US, where regulators have been attacking the digital asset sector without clear regulations, though this is about to change (read more).
The report added that Phoenix Technology operates over 700 megawatts of voltage in Europe, the US, the Middle East, and Canada. Meanwhile, the company is constructing a $2B crypto mining company in the UAE, cementing its spot as a top mining hardware supplier.
UAE’s regulatory landscape
The United Arabs Emirates is among the nation with crypto-friendly rules. For instance, Coinbase is resorting to the UAE amid intensified regulation in the US. Moreover, the country removed itself from the gray list, which comprises nations that fail to track illegal funds.
On March 9, UAE approved the digital assets law and introduced the Dubai Virtual Assets Regulatory Authority. That presented a massive move that could establish the country as a leader in the crypto industry.
Despite the friendly environment for crypto business, financial regulators in the UAE are strict when dealing with firms that fail to hit deadlines and comply with needed requirements. For instance, local exchange BitOasis lost its license after failing to meet the regulator’s deadline.
Ad
Get started in crypto easily by following crypto signals & charts by pro-trader Lisa N Edwards. Sign-up today for easy-to-follow trades for tonnes of altcoins at GSIC.
