Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) and the federal General Commercial Gaming Regulatory Authority (GCGRA) of the United Arab Emirates formalised a memorandum of understanding (MoU) on Friday.
The MoU was announced jointly by the two authorities. It is set to enhance regulatory cooperation over the UAE’s growing commercial gaming industry.
‘Credibility built through this cooperation’
The MoU establishes a formal framework for information sharing, coordinated supervision and mutual assistance in investigations and policy discussions.
The arrangement aims to provide greater regulatory certainty for market participants operating within Abu Dhabi Global Market (ADGM) and across the broader UAE commercial gaming ecosystem.
Ciarán Carruthers, who was named CEO of the GCGRA in June, emphasised the importance of the agreement: “Commercial gaming is one of the newest regulated sectors in the UAE, and its credibility will be built through exactly this kind of cooperation,” he said.
“This MoU gives GCGRA and the FSRA a clear channel to share information and coordinate supervision where our respective mandates intersect, which matters as the sector grows and the range of participants operating in and around it becomes more complex.”
The GCGRA was created to regulate commercial gaming nationwide following the UAE’s legalisation and licensing of certain gambling and gaming activities.
The regulator has granted licences to companies such as Endorphina and Yolo Group in the last 12 months.
‘Effective collaboration’
ADGM, as an international financial centre, is home to intermediaries whose services intersect with gaming businesses.
Emmanuel Givanakis, CEO of the FSRA, described the pact as part of efforts to maintain market integrity amid sector interconnection.
“This MoU between the FSRA and the GCGRA represents an important step in strengthening regulatory cooperation and our shared commitment to regulatory excellence,” he explained.
“Effective collaboration between regulators is fundamental to preserving market integrity, addressing emerging risks and ensuring that regulatory frameworks evolve alongside innovation.”
The MoU also sets the stage for more robust regulation in a blossoming market. Wynn Resorts is set to open its Wynn Al Marjan Resort in September 2027 following the confirmation of its land-based licence in 2024.
To date, it is still the only operator with a land-based licence in the market.
Kathryn Evans
Kathryn covers bitesize breaking news with a primary focus on EMEA and US legislation. A proud North Walian, fluent Welsh speaker and lifelong Wrexham FC fan – long before Hollywood came calling.
Original article: https://igamingbusiness.com/legal-compliance/gcgra-signs-mou-with-abu-dhabi-financial-regulator-to-strengthen-cooperation/
