UAE gaming authority signs deal with Abu Dhabi financial regulator to strengthen oversight

Abu Dhabi: The UAE's commercial gaming regulator, the General Commercial Gaming Regulatory Authority (GCGRA), has signed an agreement with Abu Dhabi's financial services regulator, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), to enhance regulatory cooperation and information sharing.

The MoU, signed on Friday, establishes a formal framework for the two authorities to collaborate on regulatory matters within their respective domains, such as information sharing, supervisory coordination, and investigative assistance.

Emmanuel Givanakis, CEO of FSRA of ADGM, emphasized the significance of the agreement, stating it strengthens regulatory cooperation and the shared commitment to regulatory excellence. He highlighted the importance of regulator collaboration in maintaining market integrity, tackling emerging risks, and adapting regulatory frameworks to innovation.

The agreement is crucial as commercial gaming is a relatively new regulated sector in the UAE. It aims to bolster regulatory certainty for businesses operating within ADGM and the broader UAE financial ecosystem. Moreover, the collaboration will promote a transparent, internationally aligned regulatory environment, encourage responsible innovation, and contribute to sustainable market development.

Ciarán Carruthers, CEO of GCGRA, stated that the agreement provides a clear channel for the two regulators to share information and coordinate supervision in areas where their mandates intersect. He underscored that the UAE's standing as a well-regulated jurisdiction depends on regulators working together, and the formalized relationship set by the MoU will fortify this partnership.