This research investigates the possibilities for constructing a holistic, accountable, and effective global digital governance framework amid grow ing geopolitical competition and regulatory fragmentation. It explores how Joseph Nye’s theory of the regime complex and the Internet Governance Fo rum (IGF) multi-stakeholder initiative can serve as complementary models for advancing digital governance. While both have limitations, the study argues that when revised, they can offer foundations for balancing cooper ation and competition in the digital domain. Through qualitative analysis of legal texts, policy reports, and institutional practices, the study assesses the mechanisms shaping digital governance. Findings suggest that a revised regime complex theory can illuminate the multi-actor, multi-level nature of governance and its cooperative potential, and that the IGF, if strategically recalibrated, can effectively guide future institutionalization efforts.