Crypto Mining Giant’s IPO Plan In UAE, Community Expecting More Crypto Rush
Phoenix Technology, the UAE-based cryptocurrency mining titan, has kicked off preliminary discussions about a possible initial public offering (IPO) in Abu Dhabi, according to insiders. The move could make Phoenix one of the region’s first publicly listed crypto mining firms, Bloomberg reported.
Phoenix’s IPO Discussions In UAE
As a retailer of cryptocurrency mining hardware, Phoenix Technology is currently developing one of the Middle East’s largest mining facilities. If all goes as speculated, the company could be listed as soon as this year. However, sources caution that discussions are still ongoing, and details concerning the IPO’s timeline and size remain flexible.
Interestingly, Phoenix’s plans to list coincide with a larger UAE effort to establish itself as a major cryptocurrency hub. Industry titans including Binance Holdings Ltd., OKX, and Bybit have been drawn by pro-crypto policies.
Local cryptocurrency users think that the UAE’s business-friendly infrastructure is superior to that of the US when it comes to cryptocurrencies. According to Bloomberg, Phoenix operates more than 700 megawatts of power across the US, Canada, Europe, and the Middle East. To establish itself as a top supplier of mining hardware and hosting services for extracted assets, the business is now building a $2 billion cryptocurrency mining farm in the United Arab Emirates.
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Some Regulatory Restrictions Stays
UAE is known as one of the most crypto regulations-friendly countries. Coinbase is focusing on the UAE while being under regulatory pressure in the USA. The nation has increased its inspection of cryptocurrency license applicants to provide proper control of a sector that has recently been marred by controversies. This action is consistent with the UAE’s efforts to remove itself from the Financial Action Task Force’s “gray list” of nations that have not done a good enough job of identifying illicit funds.
Nevertheless, UAE has been readily supporting crypto enterprises within its borders. It’s fostering the use of digital currencies across numerous sectors to stimulate wider adoption and enhance transactional volumes. With freshly updated digital asset regulations, the UAE aims to entice an influx of new investors.
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