A DLT Regulatory Control Framework for Decentrally Governed DLT Systems in the Australian Financial System

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This thesis studied the risks of decentrally governed distributed ledger technology (DLT) systems in the Australian financial system and develops a framework of regulatory controls and design principles to treat these risks. While DLT systems address important concerns about the conventional reliance of regulatory governance on institutional intermediaries, they also challenge regulators by disintermediating key regulatory control points for managing risks. This thesis developed a regulatory control response framework to address the emerging challenge of decentrally governed DLT systems in the regulatory context of the Australian financial system. To develop the framework, regulatory control treatments were co-designed with Australian regulatory DLT experts using a participatory action design research approach. This thesis provides a practitioner vetted, theory ingrained framework with insights for regulators and researchers responding to the challenges of decentrally governed DLT systems.
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