Phoenix Technology, a provider of crypto mining hardware, is reportedly in early-stage discussions to hold an initial public offering (IPO) in the United Arab Emirates (UAE), as per a Bloomberg report.
The report cites unnamed sources, who have clarified that discussions are still underway and final details have not been decided.
Based in the UAE, Phoenix Technology operates as a mining provider and is currently developing one of the largest mining facilities in the Middle East. The company also holds distribution rights for multiple tech hardware manufacturers across the Middle East, Africa, and Turkey.
Phoenix Technology has not yet responded to requests for comments.
The UAE has emerged as one of the world’s most crypto-friendly jurisdictions, continually striving to offer regulatory clarity by instituting a crypto-specific regulator, the Dubai Virtual Asset Regulatory Authority (VARA). Additionally, the emirate of Ras Al Khaimah (RAK) within the UAE has established a crypto-centric free trade zone, known as the RAK Digital Assets Oasis or RAK DAO.
Industry stakeholders operating locally believe that the UAE’s infrastructure is more accommodating to crypto businesses than that of the United States. Crypto Oasis executive, Saqr Ereiqat, previously told Cointelegraph that the UAE’s regulatory frameworks are more streamlined compared to the segmented regulatory environment in the U.S.
However, while being favorable towards crypto businesses, UAE’s crypto regulators also maintain stringent submission requirements and penalize entities failing to adhere to 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, due to its inability to meet the regulator’s submission deadlines.