Phoenix Tech Mulls IPO in UAE: Report

• Phoenix Technology, a crypto mining hardware retailer, is reportedly planning to go public in Abu Dhabi, UAE.
• The UAE has been one of the most crypto-friendly jurisdictions in the world, providing regulatory clarity and establishing relevant authorities for overseeing cryptocurrency activities.
• Crypto players operating locally believe that the UAE’s infrastructure is more business-friendly than the United States when it comes to crypto.

Phoenix Technology Mulls IPO in UAE

Crypto mining hardware retailer Phoenix Technology is reportedly starting discussions to conduct an initial public offering (IPO) in Abu Dhabi, United Arab Emirates (UAE). According to a Bloomberg report citing anonymous sources, details are still being finalized as talks are ongoing.

UAE’s Crypto Regulations

The UAE has established itself as one of the most crypto-friendly jurisdictions in the world by providing regulatory clarity and setting up dedicated regulators such as Dubai Virtual Asset Regulatory Authority (VARA) and Ras Al Khaimah Digital Assets Oasis (RAK DAO). Crypto players operating locally also view the country’s infrastructure as far more business-friendly than that of the US when it comes to cryptocurrencies.

BitOasis License Suspension

Despite its friendliness towards cryptocurrency businesses, VARA can be strict when it comes to meeting requirements and deadlines set by them. On July 11th 2022, BitOasis—one of the largest exchanges operating within UAE—had its license suspended due to non-compliance with regulations set by VARA.

Phoenix Tech Distribution Rights

Phoenix Technology is based out of UAE and operates one of Middle East’s largest mining facilities while having distribution rights for various tech hardware manufacturers throughout Middle East Africa and Türkiye. Cointelegraph reached out for comments but did not get an immediate response from Phoenix Technology.


It remains unclear if or when Phoenix Technology will launch their IPO in UAE but given its friendly stance towards cryptocurrencies and blockchain technology coupled with its well established regulatory frameworks; it seems like a viable option which could open up many new opportunities for investors worldwide.