This article delves into the complex scenario of governing cyberspace, addressing key issues such as accessibility, digital disparities, and the regulatory challenges posed by cross-border activities, and applicable test by judiciary across the globe while resolving such emerging issues. Despite technological progress, cyberspace largely remains an unregulated realm, creating opportunities for cybercrimes such as stalking, data breaches, exploitation of minors, and hacking. The lack of a cohesive global governance structure makes tackling these issues a formidable task. The article offers a critical assessment of the Budapest Convention on Cybercrime, the sole international treaty on cybercrimes, pointing to its limited acceptance, especially among ASEAN nations. This hesitation underscores an ideological rift: some countries prioritize cyber sovereignty, while others support a multi-stakeholder model that incorporates contributions from governments, private enterprises, and civil society. These divergent views present barriers to legal harmonization and obstruct cross-border collaboration in prosecuting cyber offenders and ensuring data protection. To address these multifaceted challenges, the article suggests a layered governance approach, integrating global frameworks with regional alliances and national strategies. This model encourages international cooperation while respecting national sovereignty, emphasizing the importance of public-private partnerships to bolster cybersecurity. Furthermore, it advocates for investments in digital infrastructure and cyber literacy programs to reduce the digital divide, facilitating broader, fairer access to online spaces. Ultimately, the proposed governance model seeks a balanced approach, safeguarding individual rights alongside the imperatives of security and accountability, and aiming to cultivate a cyberspace that is safer, more inclusive, and subject to responsible oversight.