Endnotes 1. Banco Central Do Brasil. (2025). Pix is now the most used payment method in Brazil. https://www.bcb.gov.br/en/pressdetail/2588/nota?utm_source=. 2. Dubai International Financial Centre. (2024). DIFC Announces Enactment of New Digital Assets Law, New Law of Security and Related Amendments to Select Legislation. https://www.difc.com/whats-on/news/difc-announces-enactment-of-new- digital-assets-law---new-law-of-security-and-related-amendments. 3. Health Sciences Authority (HSA). Singapore. (2021). Risk Classification of Software as a Medical Device (SaMD). https://www.hsa.gov.sg/medical-devices/guidance-documents/risk-classification-of-samd. 4. The Bank of England. (2024). Digital Securities Sandbox (DSS). https://www.bankofengland.co.uk/financial-stability/digital-securities-sandbox. 5. The United Arab Emirates Government Platform. (2024). UAE Strategy for Artificial Intelligence. https://u.ae/en/about-the-uae/strategies-initiatives-and-awards/strategies-plans-and-visions/government-services-and- digital-transformation/uae-strategy-for-artificial-intelligence. 6. African Union Development Agency-NEPAD (AUDA-NEPAD). (2022). AMRH Program. https://amrh.nepad.org/amrh-microsite/who-we-are. 7. World Bank. (2012). How Kenya became a world leader for mobile money. https://blogs.worldbank.org/en/africacan/how-kenya-became-a-world-leader-for-mobile-money. 8. The Ministry of Finance, India. (2024). UPI: Revolutionizing Digital Payments in India. Processed 16.58 billion financial transactions in October 2024. http://pib.gov.in/PressReleasePage.aspx?PRID=2079544. 9. US Food and Drug Administration (FDA). (2018). Software as a Medical Device. https://www.fda.gov/medical-devices/digital-health-center-excellence/software-medical-device-samd. 10. Accumulus Synergy. (2025). Advocate for Digital Transformation to Put Patients at the Center of Regulatory Innovation. https://accumulussynergy.org/about-us/. The Regulatory Frontier: Designing the Rules that Shape Innovation 19

The Regulatory Frontier Designing the Rules that Shape Innovation 2025