Financial Frontiers in the Metaverse

What are the economics of the metaverse? Is your privacy safe when you make a financial transaction? What new scams and cons are criminals developing in the world of virtual reality? Flora Lau leads a cohort from the City Bar Presidential Task Force on Artificial Intelligence and Digital Technologies – Terry Dugan, Sabeena Ahmed Liconte, Alex Southwell, Irene Byhovsky, Clark Abrams, and Adam Scott Wandt – in a discussion covering regulatory implications, privacy concerns, national security issues, and cybersecurity challenges. They share detailed analysis, use cases, and potential solutions to ensure a balance between innovation and regulation, while also considering the broader implications for privacy and security. They also touch on the importance of regulatory sandboxes and future technologies that may reshape our digital interactions. Want to learn more about developing standards and best-practices for emerging technologies? Join us at the City Bar’s upcoming FinTech Conference on September 9. (This program will be available on-demand thereafter.) Visit nycbar.org/events to find all of the most up-to-date information about our upcoming programs and events. 01:07 Defining the Metaverse 02:52 Economic Aspects of the Metaverse 05:20 Financial Activities in the Metaverse 14:33 Regulatory Considerations for Financial Institutions 36:36 Privacy and Data Concerns in the Metaverse 51:25 Child Privacy and Financial Risks in the Metaverse 52:25 Global Perspective on Metaverse Adoption 54:13 Recommendations for Metaverse Platforms on Privacy 56:36 Challenges of Age Verification and Regulation 01:00:06 National Security Concerns in the Metaverse 01:00:51 Money Laundering and Financial Crimes in the Metaverse 01:17:40 Cybersecurity in the Metaverse 01:31:34 Future of the Metaverse and Regulatory Considerations 01:39:48 Conclusion and Final Thoughts