Deepfake and synthetic media technologies hold substantial promise for innovation in sectors such as entertainment, education, and healthcare. However, they also present significant risks, particularly in emerging economies with underdeveloped regulatory frameworks. This study proposes a comprehensive regulatory approach to balance the potential and risks of these technologies. The framework encompasses legal measures for consent and privacy, technical solutions for advanced detection tools and secure data management, and educational initiatives to enhance public awareness and digital literacy. By emphasizing collaboration with international bodies, technology companies, and community organizations, this framework aims to harness the benefits of deepfake technology while mitigating its risks, thereby fostering a safer and more ethical digital landscape in emerging economies.