Phoenix Technology, a leading crypto mining hardware retailer, is reportedly considering an IPO in the UAE. This is a significant development for the business and reflects the rising popularity of cryptocurrencies in the area.
Phoenix Technology’s potential IPO is definitely a noteworthy development in the industry. The company is known for its high-quality crypto mining hardware, so it will be interesting to see how this move impacts their business.
The UAE is becoming an increasingly popular destination for cryptocurrency companies, so it’s no surprise that Phoenix Technology is considering an IPO there.
With the establishment of the Dubai Virtual Asset Regulatory Authority (VARA), a regulator specifically focused on cryptocurrencies, the UAE has become one of the most crypto-friendly countries in the world.
UAE: Strengthening assessment of crypto license applicants: To assure effective control of an industry that has been plagued by high-profile scandals in the past year, the UAE has lately begun to strengthen its assessment of crypto license applicants , reports Bloomberg.
The initiative is part of broader efforts by the UAE to be removed from the Financial Action Task Force‘s “grey list” of nations that don’t go far enough to find illegal cash, according to people with knowledge of the situation.
According to its website, Phoenix Technology was founded in 2015 and currently operates more than 700 megawatts of power across the US, Canada, Europe, and the Middle East.
It offers mining equipment and hosting solutions for all mined assets and is currently building a $2 billion cryptocurrency mining farm in the United Arab Emirates.