978-3-031-46417-1.pdf

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 e...

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Γλώσσα:English
Έκδοση: Springer Nature 2023
Διαθέσιμο Online:https://link.springer.com/978-3-031-46417-1
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spelling oapen-20.500.12657-850782023-11-15T09:17:26Z Regulating the Metaverse Economy Mooij, Annelieke Metaverse Regulating virtual environments EU Directive Money Laundering and Financing of Terrorism Artificial intelligence Cryptocurrency Economy Algorithms bic Book Industry Communication::L Law::LN Laws of Specific jurisdictions::LNJ Entertainment & media law bic Book Industry Communication::L Law::LB International law::LBB Public international law::LBBM International economic & trade law 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! 2023-11-13T16:42:22Z 2023-11-13T16:42:22Z 2024 book ONIX_20231113_9783031464171_30 9783031464171 9783031464164 https://library.oapen.org/handle/20.500.12657/85078 eng SpringerBriefs in Law application/pdf n/a 978-3-031-46417-1.pdf https://link.springer.com/978-3-031-46417-1 Springer Nature Springer Nature Switzerland 10.1007/978-3-031-46417-1 10.1007/978-3-031-46417-1 6c6992af-b843-4f46-859c-f6e9998e40d5 f1d7f537-10c0-4ec5-b27c-18255398cb6a 9783031464171 9783031464164 Springer Nature Switzerland 112 Cham [...] Universiteit van Tilburg Tilburg University open access
institution OAPEN
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language English
description 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!
title 978-3-031-46417-1.pdf
spellingShingle 978-3-031-46417-1.pdf
title_short 978-3-031-46417-1.pdf
title_full 978-3-031-46417-1.pdf
title_fullStr 978-3-031-46417-1.pdf
title_full_unstemmed 978-3-031-46417-1.pdf
title_sort 978-3-031-46417-1.pdf
publisher Springer Nature
publishDate 2023
url https://link.springer.com/978-3-031-46417-1
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