EAN: 9783031464164

SPRINGERBRIEFS IN LAW REGULATING THE METAVERS...

This open access book examines regulating an environment that has no jurisdiction  is fully
anonymous and infinitely vast? Welcome to the Metaverse  an online virtual reality that is
expected to add billions to the global economy. The Metaverse offers a new type of virtual
economy with practically endless business opportunities. The question is how to prevent these
opportunities from being abused to commit money laundering and finance terrorism (MLFT). This
book explores the current European Union legislation designed to prevent MLFT in connection
with the Metaverse. It analyses the legislation in relation to the three traditional stages of
MLFT: placement  layering and integration. Furthermore  some additional risks specific to the
Metaverse are discussed  such as Non-Fungible Tokens (NFTs) and the high level of anonymity.
The book concludes that the current legislation is not suitable for facing the new challenges
of the Metaverse. In turn  the book puts forward a novel approach to regulating and enforcing
MLFT legislation: using a system of smart assets equipped with AI to prevent and detect MLFT.
In addition  it makes recommendations on how to improve the legal framework with regard to the
new challenges arising from the Metaverse. Particular attention is given to creating a legal
framework that incorporates the use of smart assets and the Internet of Things  in order to
provide a safe environment for potential users and society. With a solid background in
financial law and technology  the author successfully creates a novel system of regulation and
enforcement that is based on the use of automatic enforcement  whilst keeping sufficient legal
safeguards in place for potential Metaverse users. This book will be of interest to anyone
interested in the Metaverse. Whether you want to regulate it or open your own virtual business
it's a must-read!

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