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

Crypto mining hardware supplier Phoenix Technology is reportedly starting discussions to behaviour an archetypal nationalist offering (IPO) successful the United Arab Emirates, according to a study by Bloomber. 

The Bloomberg report cites anonymous sources who explained that discussions astir the substance are inactive ongoing and the details are not yet finalized.

Phoenix Technology is simply a UAE-based mining relation which is processing 1 of the largest mining facilities wrong the Middle East. The institution has organisation rights for assorted tech hardware manufacturers passim the Middle East, Africa and Turkey. 

Cointelegraph reached retired to Phoenix Technology for comments but did not get an contiguous response.

The UAE has been 1 of the astir crypto-friendly jurisdictions successful the world, perpetually trying to supply regulatory clarity by establishing a crypto-dedicated regulator called the Dubai Virtual Asset Regulatory Authority (VARA). Apart from this, an emirate wrong the UAE called Ras Al Khaimah (RAK) has created a crypto-focused escaped commercialized zone called the RAK Digital Assets Oasis, much commonly known arsenic RAK DAO. 

Today, we approved the virtual assets instrumentality and established the Dubai Virtual Assets Regulatory Authority. A measurement that establishes the UAE’s presumption successful this sector. The Authority volition cooperate with each related entities to guarantee maximum transparency and information for investors. pic.twitter.com/LuNtuIW8FM

Crypto players operating locally besides judge that the UAE’s infrastructure is much business-friendly than the United States erstwhile it comes to crypto. In a erstwhile Cointelegraph interview, Crypto Oasis enforcement Saqr Ereiqat, said that the UAE’s regulatory frameworks are much streamlined compared to the fragmented regulatory situation successful the US. 

Related: Ant Group reportedly plans IPO, blockchain steadfast discloses connection terms connected Nasdaq

Despite its friendliness toward crypto businesses, the UAE’s crypto regulators are besides strict erstwhile it comes to submitting requirements and penalizes businesses that aren’t capable to comply with its deadlines. On July 11, VARA suspended the licence of BitOasis — 1 of the largest section exchanges successful the state and the archetypal to unafraid an operating licence successful Dubai. According to VARA, the speech was not capable to conscionable the deadlines for submitting the mandated requirements by the regulator.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

Magazine: Best and worst countries for crypto taxes — positive crypto taxation tips