As cryptocurrencies evolve, mechanisms for ensuring user privacy have become increasingly robust. However, the high level of anonymity presents significant challenges for regulatory compliance. Existing solutions work on making a trade-off between privacy protection and regulation, but they still suffer from two critical limitations: (1) reliance on centralized authorities, which risk power abuse and single points of failure, and (2) requiring regulators to act as miners, increasing vulnerability to attacks. In this paper, we propose DCAPSCR, a decentralized conditional anonymous payment system with collaborative regulation. Our contributions include (1) an improved secret-sharing scheme that distributes regulatory authority to prevent power abuse and avoids leakage risks by recovering a processed version of the regulatory private key and (2) a two-layer certificate mechanism that separates regulator and miner identities, lowering the risk of attacks. Security analysis confirms our system’s completeness, indistinguishability, collaborative tractability, and non-malleability. Experimental results demonstrate good performance, with a \(39.1\%\) improvement in the tracing period compared to state-of-the-art solutions. It means that our scheme not only improves system security but also facilitates more efficient regulatory oversight, enhancing its applicability in real-world scenarios requiring timely traceability.