UAE Central Bank

Policy & Legal Updates

Saudi Central Bank Concludes Participation in Cross-Border mBridge Digital Currency Platform

The Saudi Central Bank has concluded its formal participation in Project mBridge following the completion of a proof-of-concept phase in May 2025. The cross-border digital currency initiative was developed jointly with China and the UAE to facilitate non-dollar trade settlements. Operations continue among the remaining participants, including the central banks of the UAE, China, Hong Kong, and Thailand.

Policy & Legal Updates

DFSA Fines Hayman-Woodward Dh1.67 Million for Operating Unlicensed Corporate Services

The Dubai Financial Services Authority has fined Hayman-Woodward Global Mobility Services (DIFC) Ltd $454,367 (Dh1.67 million) for operating without required registration. The regulator found the company delivered unauthorised corporate formation and registered address services to 71 clients over six years. The penalty was discounted by 30 percent from $522,047 after the firm agreed to a settlement.

Policy & Legal Updates

DFSA Fines Vault Wealth Dh401,000 Over Unauthorised DIFC Financial Services

The Dubai Financial Services Authority has fined wealth advisory firm Vault Wealth Dh401,000 ($109,200) for conducting unauthorised business activities in the DIFC. Although licensed by the FSRA in Abu Dhabi Global Market, the firm lacked DFSA authorisation. The penalty was discounted by 30 percent from Dh573,000 following a settlement.