? 2021 Elsevier B.V.Although distributed ledger technology (DLT) systems seem to address conventional regulatory governance concerns, they also present systemic risks. This paper aims to address the risks of decentrally governed DLT systems. It achieves this by identifying regulatory controls that address the altered governance dynamics of decentralized systems. To address the research gap in DLT regulation, we co-designed regulatory control treatments with Australian regulatory DLT experts using a participatory action design research approach. This paper provides a theory-ingrained, practitioner-vetted framework to inform regulators, regulated entities and researchers of appropriate control responses to systemic and participant risks presented by decentrally governed DLT systems.
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