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Ali Al Zuhairi
UNDP AltFinLabs
2026
The Unbuilt Sandbox: Regulatory Pathways for Digital Asset Payments in Reform-Stage Economies
  • The paper observes that formal innovation units and RegTech are often impractical for countries rebuilding basic financial infrastructure.
  • It defines the SRGA as a supervisory posture that preserves political optionality while higher-priority reforms take precedence.
  • The study draws on field evidence from UNDP pilots in Syria and Haiti that used stablecoin-based payment rails for debris-removal contractors and healthcare-related cash disbursements.
  • It introduces the Gray Area Exit Framework (GAEF), which consists of a surveillance mechanism for public-purpose payment flows, defined exit metrics, and an annex-based legislative pathway to integrate digital-asset clauses into existing regulations.