Li You-xun

　　Judge Assistant of Nanjing Municipal Intermediate People’s Court

　　Fu He-shuang

　　Judge Assistant of Nanjing Municipal Intermediate People’s Court

　　To be continued

　　I. Overview of Online casino and How to find it in the Metaverse
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　　Secondly, legal issues in Online casinos and How to Find Them transactions in the Metaverse

　　III. The legal regulation of online casinos in the metaverse

　　Conclusion

　　In recent years, the concept of ‘metaverse’ has begun to enter the public’s field of vision. As a virtual space parallel to the real world, the activities that occur in the metaverse can produce real connections with the real world. ‘Online casino and How to find it’ is a combination of data codes with monetary nature, which can meet the needs of the metaverse digital space, and its value exchange with real currency has become the logical basis for ‘cross-space’ connections. However, the existing ‘Online casino and How to find it’ has risks such as unstable currency value and great regulatory difficulties, and cannot be directly applied to the metaverse space. Among the existing types of ‘Online casino and How to find it’, ‘digital RMB’ and ‘stablecoin’ have the possibility of application in the metaverse, and the trading platforms can be divided into centralized and decentralized categories, applying different regulatory means. In addition, the metaverse is a boundaryless virtual space, and the supervision of ‘Online casino and How to find it’ within it has the nature of international law, and the International Monetary Fund (IMF) is more suitable for assuming the international legal responsibility for its supervision, and can be brought into the regulatory track through ‘direct control’ and ‘indirect control’.

　　I. Overview of Online casino and How to find it in the Metaverse

　　The Concept of the Metaverse

　　As a new concept, how to define the metaverse is still controversial at present. According to the existing thinking and technology, the metaverse is supported by a variety of network and computing technologies, including artificial intelligence technology, electronic gaming technology, interactive technology, blockchain technology, and Internet of Things technology. It creates a parallel virtual world to the real world by means of science and technology. In 2021, Mark Zuckerberg, the founder of Facebook, announced that he would rename the parent company to ‘Meta’, which caused widespread discussion in the industry, and the term ‘metaverse’ also quickly entered the public’s field of vision. However, the concept of the metaverse was proposed as early as 1992 in the science fiction novel ‘Snow Crash’ by Neal Stephenson. In the novel, the author created a virtual three-dimensional space linked to the real world, where people can form their own virtual avatars through the network, thereby breaking through geographical limitations and interacting in the virtual space. Before Mark Zuckerberg renamed the company in 2021, people’s understanding of the metaverse was mainly limited to the gaming aspect, such as the movie ‘Ready Player One’, which used the concept of ‘Oasis’ to show the metaverse world. Such a gaming world is closely related to the real world, using VR and interactive technology to make players in the gaming metaverse clearly perceive pain. However, the understanding of the metaverse has been continuously strengthened and expanded, and the concept of the metaverse has gone beyond the original gaming world to become a more extensive parallel world, a virtual society built on the blockchain. The actions and social relationships that occur in it are both related to and distinct from those in the real society. The special issues involved, such as virtual identities, digital assets, Online casino and How to find it, etc., cannot be fully covered by the legislation of the real world.

　　The metaverse defined in this way mainly has the following characteristics:

　　1. Virtual Identity and Independence

　　In the metaverse, people in the real world have one or more virtual identities, which are different from a registered account on a current online platform. These identities are more independent, allowing individuals to have their own images and personalities, form their own social relationships, and create a designed identity in the metaverse. This identity can form relationships such as ‘romance’, ‘marriage’, and ‘trade’ with other virtual identities in the metaverse. To some extent, this virtual identity exists independently of the physical identity. This identity is not the same as the ‘account’ we usually mean, and it is much broader, more three-dimensional, and more complex. It cannot simply be regarded as a reflection of the real identity in the virtual world but may become a virtual identity with a high degree of independence. From gender, image, resume, skills, etc., everything can be defined by the user themselves, and it is possible to continuously adjust and self-grow, thereby building virtual ‘social relationships’ in the metaverse. This identity will become richer and more valuable as the metaverse life progresses.

　　2. The virtuality of property and currency

　　Users can creatively use the tools provided by the metaverse to create various digital works, build various scenes, hold various activities, develop new games, breed virtual descendants, raise pets, and so on. These processes require the accumulation of corresponding original Online casino and How to find it, and may create valuable digital assets.

　　The concept of Online casino and How to find it

　　Money is an item that circulates as a medium of exchange. With the development of information technology such as blockchain and the vigorous growth of online platforms, Online casino and How to find it has emerged. When Online casino and How to find it exists as a means of payment, its role is as a medium of exchange, which conforms to the relevant definition of money, and its legal regulation is similar to that of money. The implementation of relevant regulations in the field of Online casino and How to find it means that regulators treat Online casino and How to find it as a ‘currency’. According to the guidelines issued by the U.S. Financial Crimes Enforcement Network (FinCEN), if the business involves the creation, acquisition, distribution, exchange, acceptance, or transmission of Online casino and How to find it, then it may be subject to the jurisdiction of financial service providers under the Bank Secrecy Act (BSA), and they need to register, report, and keep records in accordance with the requirements of the Financial Crimes Enforcement Network. In addition, many countries have required the Online casino and How to find it industry to comply with the relevant provisions of anti-money laundering regulations.

　　Online casino and How to find it is a combination of data codes created by digital means, possessing monetary characteristics. It is a form of digital currency, which realizes a decentralized structural design with the help of complex blockchain technology and maintains a certain value over a long period of time. In the metaverse, this Online casino and How to find it will not only appear in the form of virtual coins and currency, but in terms of its legal nature, its form is just a packaging of point code, and in fact, it all exists as currency with circulation value within the account.

　　The legal nature of Online casino and How to find it mainly includes the following three points. First, Online casino and How to find it has value. It not only condenses human labor without distinction in the process of production (generated by miners ‘mining’), but can also be transferred and traded for money in exchange, generating economic benefits that can be calculated in terms of money. At the same time, it represents the corresponding property that the holder actually enjoys in real life, so Online casino and How to find it has the economic nature or value of property, with both use value and exchange value; second, Online casino and How to find it has scarcity, its total amount is limited, supply is restricted, and it cannot be obtained arbitrarily; third, Online casino and How to find it has discretion or exclusivity, its holder can possess, use, and obtain benefits from Bitcoin, and as property, Online casino and How to find it has clear boundaries, content, and can be transferred and separated.
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　　Currently, Online casino and How to find it in the metaverse is mostly still in the form that can only be circulated within the metaverse in the traditional sense, but its development trend should not be underestimated. As mentioned in the previous text, the ‘oasis’, players can not only convert real-world currency into Online casino and How to find it in the metaverse to purchase virtual equipment, but also convert the gold coins obtained in the game into real-world currency to purchase game-related equipment such as VR glasses, overcoats, etc. This also gives rise to numerous professional players who earn real-world income by obtaining gold coins left by ‘dead’ players in the game. When the concept of the metaverse extends to a completely parallel world and is no longer limited to games, Online casino and How to find it will no longer be limited to the concepts of Bitcoin and game coins we currently know, but will smoothly circulate in the metaverse and the real world with the help of various forms, a unified measurement scale, and recognized virtual financial institutions within the metaverse.

　　Although Online casino and How to find it shows a diverse and valuable development trend, the industry still believes that due to the lack of national credit endorsement, it can only play a value in groups with ‘consensus mechanisms’. But when the number of such ‘consensus mechanism’ groups continues to rise and their influence gradually expands, even having the credit capacity beyond that of ordinary countries, why is it impossible to become a normal circulating currency?

　　Online casino and How to find it trading in the metaverse

　　1. Issuance Model

　　Currently, the issuance of Online casino and How to find it can be divided into two types: private issuance and central bank issuance. The private issuance of Online casino and How to find it mainly includes decentralized Online casino and How to find it such as Bitcoin and Ethereum, and its main issuance method is ICO, that is, Initial Coin Offering. The initiators of private projects release the white paper of the project, and investors can use the legal currency they hold or other Online casino and How to find it to purchase the Online casino and How to find it of the private project platform. Investors can log in to the special trading venue with the platform Online casino and How to find it they have purchased to realize the circulation of the private project Online casino and How to find it. From the process perspective, the entire process does not go through the approval and supervision of national departments, and is completely regulated and developed freely by the market, which is very likely to cause chaos and produce phenomena such as illegal fund-raising crimes and false ICO project scams. Firstly, investors’ understanding of private projects is limited to the white paper initially released, but there are no relevant standards to regulate the content of the white paper, and there is a lack of investigation and approval by professional institutions; secondly, such projects have low requirements for investors, and investors do not need to have the ability to review the project, just need to purchase the private platform Online casino and How to find it. At this time, the private issuers only need to engage in speculation to attract a large number of investors to purchase, resulting in a situation where the surface is ICO but in fact it is a pyramid scheme; in addition, the trading platform for private issuance of Online casino and How to find it does not have the corresponding approval and filing, which will lead to the fact that the transaction behavior of users cannot be well guaranteed, and it is difficult to recover the assets once there is a account theft problem. All of these are extremely detrimental to the protection of investors’ rights and interests. Therefore, since 2017, China has issued an announcement to comprehensively prohibit the issuance of token financing.

　　The issuance of Online casino and How to find it by the central bank is currently limited to digital RMB. Unlike Bitcoin and other Online casino and How to find it, it is not a new type of currency and cannot be used for buying and selling; it is just a legal currency in digital form, under the control of the central bank. It can be said that digital RMB is just a virtual form of RMB, with the same functions as real currency, and even more effective supervision than real currency.

　　The continuous and stable development of the economy is inseparable from the stability of the currency value. In terms of Online casino and How to find it, in the private issuance model, Online casino and How to find it is not only used as a general equivalent but also traded as the object itself, more similar to stocks, which can be profitable through buying low and selling high, with the risk of speculation, and its value is relatively unstable; while the Online casino and How to find it issued by the central bank is essentially equivalent to real currency, without value, and does not appear as a trading object, which greatly ensures the stability of the currency value. Therefore, from the perspective of the issuance model, using the central bank issuance model to create a lottery and How to find it with high value stability, strong security, and the ability to gain consensus across the network is more able to meet the transaction needs of the metaverse.

　　2. Transaction methods

　　Although the main initial function of Online casino and How to find it is payment, under the influence of domestic regulatory environment and market recognition, the payment tool is not the main application of Online casino and How to find it. This is due to the significant price fluctuations and irregularity of Online casino and How to find it, and every transaction requires all nodes in the system to perform full calculations and storage, which also leads to a relatively inefficient process.

　　The metaverse, as a virtual world parallel to the real world, not only needs to meet the needs of transactions within the metaverse, but also needs to meet the exchange between the metaverse and the real world. This requires a specialized trading platform to complete the conversion between Online casino and How to find it and real currency. This conversion needs to meet both the needs of depositing and the needs of withdrawal, that is, people can not only recharge their real-world currency into the metaverse to meet their consumption needs within the metaverse, but can also convert Online casino and How to find it obtained in the metaverse in some way into real currency. Moreover, the existence of the platform can also help better regulate the use of Online casino and How to find it. People engage in activities in the metaverse through their virtual avatars, which makes their various behaviors extremely anonymous. Therefore, under the framework of the metaverse, the supervision and tracking of Online casino and How to find it transactions are relatively difficult. However, the emergence of the trading platform has greatly alleviated this problem. Users need to rely on the trading platform for Online casino and How to find it transactions, so effective regulation of the trading platform can bring all transactions within the scope of visibility, greatly ensuring transaction security; in addition, the transactions of Online casino and How to find it in the metaverse break through spatial restrictions, making it difficult to exercise corresponding judicial jurisdiction over related transaction behaviors in the metaverse. However, the platform is established in the real world, which means that the platform must be registered in some country or region, so it does not have the characteristic of breaking through spatial and territorial boundaries. The application of what laws in the transactions carried out within it is also certain, which can better ensure transaction security.

　　However, transactions in the Metaverse require payment of corresponding Gas fees. Gas fees originally came from Ethereum and are the fees required to be paid to each node for every information processing on the blockchain, similar to ‘platform service fees’. Since transactions on the blockchain are also the process of information processing (accounting), they also involve the payment of corresponding fees for each transaction. Once these transaction fees accumulate, the amount is not negligible. Therefore, the Metaverse needs to build an Online casinos and How to Find Them trading platform that does not charge or charges very little.

　　Secondly, legal issues in Online casinos and How to Find Them transactions in the Metaverse

　　In recent years, China has successively issued several regulatory documents targeting digital currencies. In September 2021, the People’s Bank of China, together with the Central Cyberspace Administration, the Supreme People’s Court, and the Supreme People’s Procuratorate, among other organizations, jointly issued the

　　Online casino and How to find it, based on the (Peer to Peer Lending, P2P) model, circulates in the borderless virtual space of the Internet, and cannot be completely blocked by sovereign states. Under the framework of the metaverse, Online casino and How to find it may become its main circulating currency. As a virtual world, the metaverse breaks through the limitations of time and space, so cross-border transactions are inevitable. Using the same Online casino and How to find it for transactions may become the most convenient means. In the metaverse, Online casino and How to find it will play the role of a general equivalent, and in this case, new Online casino and How to find it trading methods will emerge.

　　The nature of Online casino and How to find it trading activities in the metaverse

　　Online casino and How to find it can be obtained in three ways: the first is online transactions with fiat currency exchange; the second is the sale of goods or services; and the third is ‘mining’. Firstly, when Online casino and How to find it is used as the ‘consideration’ for the exchange of goods or services, a reciprocal relationship is established between the two parties. This ‘consideration’ is not a monetary equivalent, but rather a property exchanged and mutually recognized. Secondly, the exchange relationship between Online casino and How to find it and fiat currency is a transactional relationship rather than a currency exchange relationship in the sense of conversion. Taiwanese scholars believe that the relationship between Online casino and How to find it and legal currency can be analogous to the exchange relationship between foreign currency and domestic currency. Although currently Online casino and How to find it, as an intangible asset or financial product, its exchange with fiat currency is essentially a transactional relationship, with the subject of the transaction being Online casino and How to find it. However, when Online casino and How to find it reaches a relatively wide usage in the metaverse, the relationship between Online casino and How to find it and legal currency can be analogous to the exchange relationship between foreign currency and domestic currency, and Online casino and How to find it and legal currency have a relatively stable exchange rate, between which a currency exchange relationship can be established. At this time, the legal regulation of Online casino and How to find it transactions can refer to the exchange relationship between foreign currency and domestic currency, and the Online casino and How to find it in the metaverse can be comparable to foreign currency.

　　Under the overall leading development pattern of Online casino and How to find it, it can meet people’s demands for privacy protection and asset security in holding and trading assets, thus gradually becoming an asset held by many well-known investment institutions around the world. Its transaction scale is expanding, and the role of the market mechanism is also strengthening.

　　Legal issues in the Online casino and How to find it transactions in the metaverse

　　The impact of Online casino and How to find it on our traditional financial market in the future will be fundamental and disruptive. It is completely separated from traditional currency, making it impossible for our government to regulate this new thing through legal means. The risks caused by this must be given sufficient attention. Specifically, the legal risks of Online casino and How to find it can be summarized as follows:

　　1. Security issues of the trading system

　　The transactions of Online casino and How to find it rely on the Internet, blockchain technology, and other means, and it is difficult to completely avoid risks such as system vulnerabilities, hacker intrusions, and virus attacks, which pose huge security risks in the transaction process. The current trading center, as a network trading platform, does not have a strict security guarantee mechanism and does not have a deposit insurance system. The exchange will handle a large number of transactions in a short period of time. If hackers succeed, it is equivalent to obtaining a large amount of property directly from a bank, which can yield more significant profits compared to stealing personal users’ bank cards. Moreover, once an account is hacked, the user will bear the final loss, and the user’s own property security is difficult to be protected.

　　Difficulties in Valuation

　　In the current circulation, the value of Online casino and How to find it is mostly symbolic without actual pricing, and its price is entirely regulated by the market, without an objective reference standard. This is bound to lead to an unstable legal state, and if the illegal use of Online casino and How to find it leads to a crime, it is very difficult to determine its crime or innocence from a legal perspective, and it is also difficult to effectively regulate it through legal means. At the same time, the judicial authorities are unable to make an objective assessment of the value of a single transaction of Online casino and How to find it, and it is also difficult to accurately measure the amount of crime in the event of money theft.

　　3. Difficulty in judicial evidence collection

　　One of the significant characteristics of Online casino and How to find it is its anonymity. While it is convenient for users, it also poses a high risk. Due to the anonymity of both parties in transactions, it has exacerbated the difficulty of evidence collection for judicial authorities. Moreover, the current criminal and civil procedural laws on the collection and authenticity verification of network electronic evidence also have the defect of overly simple and rough legal provisions. In the event of criminal or illegal activities, how judicial authorities can find the criminal subjects under the completely anonymous transaction process, and how to prove the existence of criminal or illegal facts, all need to be proven using internet technology, and the traditional evidence law system is no longer able to control high-tech crimes. Therefore, it is an urgent issue to improve the standards for proving electronic evidence as soon as possible.

　　4. Efficient transfer of funds helps money laundering crimes

　　Money laundering, the process of legalizing illegal income, involves criminals using legitimate means such as purchasing overseas assets to ‘whitewash’ their illegal earnings, concealing their illegal source in a legitimate form, and thus evading domestic legal supervision. Due to the highly anonymous nature of Online casino and How to find it transactions, this has provided great convenience for certain money laundering crimes. Money laundering through Online casino and How to find it does not require approval from relevant departments, can escape the scope of supervision, and moreover, anonymity gives criminals more opportunities to commit criminal activities and evade accountability. Currently, the types of crimes committed using Online casino and How to find it include money laundering, murder, engaging in human trafficking, and the child pornography industry. The emergence of Online casino and How to find it has facilitated criminal activities to some extent, bringing unstable factors to the entire society, which has also led many governments to begin to ban Bitcoin transactions. Secondly, the use of Online casino and How to find it for transactions is普遍存在于违法犯罪网站中. According to certain data, in the dark web, users most commonly use Bitcoin for drug and weapon transactions. ‘Silk Road’ was the first international illegal narcotic internet trading platform to use Bitcoin for transactions. It is reported that this platform accounted for nearly half of the early Bitcoin transaction volume and accepted Bitcoin as the only payment method, providing assistance for illegal narcotic transactions, and after platform transactions, converting them into legal currency or engaging in further criminal activities. The regulatory measures of various countries against Online casino and How to find it are also uneven, cross-regional criminal tracking requires huge time costs, which also increases the difficulty of combating Online casino and How to find it crimes.

　　III. The legal regulation of online casinos in the metaverse

　　Faced with the possibility of vigorous development of online casinos in the metaverse, we cannot simply deny their existence. Only by recognizing the legality of online casinos can we respond to the needs of judicial practice. Currently, although online casinos are strictly regulated, conflicts and disputes may still arise due to the holding and trading of online casinos. Preparing legal regulations in advance is necessary to break through the problem of legal lag behind digital development, thereby better protecting the rights of online casino holders and better maintaining the order of the online casino financial market. Financial regulation often sets regulatory rules for more mature financial industries, and if excessive regulation is implemented in parallel with financial innovation, it may hinder the birth and growth of new financial products.

　　Currently, China does not prohibit individuals from holding online casinos and their transactions between individuals, but financial regulatory agencies explicitly prohibit online casino platforms from providing exchange services to the public, and also prohibit the use of online casinos as a means of payment for purchasing goods and services. The legal nature of online casinos has not been clearly defined, and issues related to the sale, pricing, payment, and exchange of online casinos, as well as related litigation, have brought many difficulties to the judicial authorities in identifying and adjudicating the nature of the cases.

　　The legal regulation of online casinos and how to find them in the metaverse can be carried out from the following aspects:

　　Define the general Online casino and How to find it type

　　1. Digital RMB

　　The comparison between private issuance and central bank issuance shows that under the framework of the metaverse, the central bank-issued type of Online casino and How to find it has greater governance advantages. Taking the digital RMB as an example, on July 16, 2021, the central bank issued the ‘White Paper on the Research and Development Progress of China’s Digital RMB’, which mentioned that the digital RMB is a legal currency in existence in digital form issued by the People’s Bank of China, and is the digital form of the RMB cash. The positioning of the digital RMB is as a legal currency, which has greater stability advantages compared to private Online casino and How to find it such as Bitcoin. The digital RMB is equivalent to paper money and coins, and can be used in scenarios that are basically consistent with the real RMB, with stable value and backed by the strong economic strength of the country, which lays a solid foundation for realizing a wider range of market transactions in the metaverse; in addition, the RMB is one of the constituent currencies of the Special Drawing Rights of the International Monetary Fund, and other countries that accept the RMB can also accept the digital RMB, which has the possibility of cross-border use. Therefore, for our country, the digital RMB can be directly used in the metaverse currency system.

　　The construction of rules for the digital RMB requires the improvement of the basic legal norms of the digital RMB. Currently, Article 19 of the People’s Bank of China Law (Revised Draft for Comments) has explicitly stipulated that the RMB includes both physical and digital forms; the provisions of Article 22 clearly prohibit any individual or organization from manufacturing and issuing digital tokens to prevent the risks of Online casino and How to find it download lottery download and Latest. However, the draft revision fails to clearly explain the concepts and behaviors of ‘counterfeiting’ and ‘alteration’ of the digital RMB, and there are no provisions for the civil and criminal jurisdiction and relevant procedures arising from the use of the digital RMB. In view of this, it is necessary to further improve and revise the People’s Bank of China Law, clearly stipulate ‘counterfeiting’ and ‘alteration’ of the digital RMB based on the technical characteristics of the digital RMB, and promptly stipulate the legal procedures related to the digital RMB. In addition, it is necessary to strengthen the effective connection between the innovation of the digital RMB rules and the existing legal norms. On one hand, improve the finality of settlement rules and coordinate effectively with the bankruptcy law. On the other hand, the legal rules related to the digital RMB should form an effective connection with the existing norms of the financial industry. The existing relevant laws and regulations in our country are far from meeting the requirements of the legal construction of RMB internationalization. The issuance and cross-border circulation of the digital RMB, in addition to considering the rules of payment, clearing, and settlement systems, should also strengthen the systematic construction of the legal system配套 with RMB internationalization, and form a continuous and stable regulatory system of new and old systems.

　　2. Stablecoins

　　From the current development of Online casino and How to find it, the biggest obstacle for private-issued Online casino and How to find it to circulate is its instability. Unlike digital RMB, Online casino and How to find it such as Bitcoin have a significant fluctuation compared to the value of legal currency, so they do not possess the attribute of monetary value. However, stablecoins can solve this problem. In 2019, Facebook’s subsidiary, Libra network, released a white paper for the cryptocurrency project, officially proposing the stablecoin plan and naming it Libra. It mentioned that the acquisition of this encrypted lottery and How to find it can be independent of banks or governments, and it is a ‘basket of currencies’ anchored to multiple national legal currencies. As a ‘basket of currencies’, stablecoins are backed by collateral (such as gold, etc.) or use corresponding algorithmic mechanisms to ensure relative stability in value, which can maintain a stable exchange ratio with the legal currencies of multiple countries, almost perfectly fitting the needs of the metaverse currency. However, if the issuance of stablecoins is controlled by centralized private institutions, which are completely dependent on the operating equipment, operational mechanisms, and lack of transparency in internal reviews, it not only affects the convertibility of the currency but also is highly prone to risks such as money laundering and data leakage; in addition, centralized private institutions are prone to monopolies and may exist the risks of abusing the market and manipulating the market.

　　Clarifying the legal supervision of trading platforms

　　1. The necessity of regulating trading platforms

　　In all aspects of its operation, the Online casino and How to find it trading platform has corresponding risks. Such platforms have intermediaries, custodians, traders, and other roles that, combined, form a vast platform. Without scientific and effective supervision and management, such platforms may make it difficult to protect the legitimate rights and interests of investors, and the stability of the financial order may be negatively affected. The Online casino and How to find it trading platform is easily attacked by hackers, leading to large-scale theft of Online casino and How to find it. If such issues persist, they may have a shock effect on the financial system.

　　The Online casino and How to find it trading platform provides a grip for actual supervision and management. For Online casino and How to find it, whether it is the issuance or the trading of Online casino and How to find it, it does not rely on third-party institutions. Users can conduct peer-to-peer transactions anonymously, making it difficult for regulatory authorities to manage and control the risks associated with Online casino and How to find it transactions. In this process, if users do not consent, regulatory authorities cannot rely on public power to cancel or reverse transactions. In addition, legal supervision and management of the Online casino and How to find it trading platform can better address some of the issues faced by the development of Online casino and How to find it. If Online casino and How to find it is set up as a real-name system, it can break through the regulatory difficulties associated with anonymity. When the Online casino and How to find it trading platform is registered in a country or region, it is supervised and managed by the laws and regulations of that country or region. According to the demands of real-name authentication, it can better resolve jurisdictional issues.

　　2. Clarify the nature of the trading platform

　　The Online casino and How to find it in the Metaverse and its two types of transactions, one involving the exchange between real currency and Online casino and How to find it, and the other involving the use of Online casino and How to find it within the Metaverse, require platforms with different characteristics to complete these transactions.

　　(1) The exchange between real currency and Online casino and How to find it requires a centralized trading platform

　　Taking the application of digital yuan in the metaverse as an example, the digital yuan is issued by the central bank, and in addition to the People’s Bank of China as the issuing center, other commercial banks and designated financial institutions also participate in the construction of digital yuan. Therefore, the exchange of digital yuan is basically strictly controlled within the designated centralized operation platforms such as banks. For Online casino and How to find it issued by private companies like Bitcoin, although the issuing party is a private company, the trading platforms for subscription by users can be included in the national control, managed by the state as a whole, forming a centralized trading platform. The advantage of using a centralized trading platform for Online casino and How to find it exchange is that the platforms are all supervised by the state, which makes the exchange scene, process, and amount transparent and controllable, in a traceable state, effectively safeguarding the rights and interests of users. Moreover, due to the fact that users exist in the metaverse as virtual identities with a very high degree of anonymity, it provides a great operational space for money laundering and other behaviors. The centralized trading platform with unified management imposes real-name restrictions when users open accounts to facilitate supervision and effectively prevent the occurrence of such criminal acts; at the same time, if the centralized trading platform is operated by the state as a whole, the personal privacy of users can also be well protected.

　　From the development of the metaverse, it is not difficult to see that the establishment and operation of the metaverse rely on hardware and software technology, and the rules it must comply with are not only social rules but also technical rules. Traditional rule-makers are generally the state, but the participation of Internet technology giants cannot be avoided in the rule-making of the metaverse. Therefore, the financial rules in the metaverse are inevitably渗透 by the capital that provides the corresponding technology, thus having a certain impact on the real financial system; at the same time, the controllers of data technology also have a great control over the participants in the metaverse. Under such circumstances, the centralized trading platform not only undertakes the function of exchanging real currency with Online casino and How to find it, but also bears the responsibility of restricting the data power of Internet technology platforms, ensuring the relative stability of the cross-space financial system, and safeguarding the data subject rights of the participants. Therefore, in the metaverse, the centralized trading platform for Online casino and How to find it and the platform for the construction and operation of the metaverse should be relatively independent, while at the same time, the centralized trading platform should regulate the corresponding rules for the Online casino and How to find it financial system to ensure cross-space financial security.

　　(2) The use of Online casino and How to find it in the metaverse requires a decentralized trading platform

　　The use of Online casino and How to find it in the metaverse is focused on the exchange between currency and services, with each service provider being a trading platform that is operational and requires a free market for transactions. In this case, a decentralized trading platform is more suitable to ensure the flexibility and efficiency of transactions. However, strict entry mechanisms should be established for such trading platforms to facilitate market regulation. Firstly, the trading platform must have strong security conditions. The metaverse is a digital virtual world where everything is based on data, and network attacks, physical equipment damage, can have adverse effects on transactions, therefore, the security of the trading platform needs to be guaranteed to a certain extent. Secondly, a business approval system should be established. The virtual nature of the metaverse makes it possible for some things limited by the physical world to be realized, and the business scope is wider than that of the real world, which also provides opportunities for some fraudulent activities. Therefore, the business conducted by the platform in the metaverse should be reported and approved accordingly, and the approval system should adopt a prohibitive specification form to ensure the flexibility of the metaverse business.

　　3. Clarify the regulatory organization of Online casino and How to find it

　　The regulatory organization for Online casino and How to find it can be undertaken by the International Monetary Fund (IMF), which was established on December 27, 1945, and is headquartered in Washington D.C., one of the world’s two major financial institutions. Its responsibility is to monitor the currency exchange rates and trade situations between countries, provide technical support and financial assistance to countries, to ensure the normal operation of the global financial system.

　　The International Monetary Fund (IMF) is particularly well-suited to bear the international legal regulatory responsibility for Online casino and How to find it in the metaverse, mainly due to two reasons. On one hand, the original design of the IMF was to stabilize the global economic system through stabilizing the foreign exchange market, thus the regulation of the ‘exchange rate’ of Online casino and How to find it is part of its responsibility; on the other hand, according to Article 1 of the IMF Agreement, the regulation of Online casino and How to find it fully conforms to the objectives of the IMF. In addition, the IMF can coordinate global parties at these two levels to respond to the threats posed by Online casino and How to find it, which no other institution can do.

　　If the currency used in the metaverse is explicitly defined as a virtual fiat currency similar to the Digital RMB, it can be directly regulated by the International Monetary Fund in a manner equivalent to that of real currency over Online casino and How to find it; for other Online casino and How to find it, there are two ways to incorporate them into the International Monetary Fund’s mechanism. The first method is to expand the interpretation of the terms of the existing International Monetary Fund Agreement (hereinafter referred to as the ‘Agreement’), allowing the International Monetary Fund to indirectly control Online casino and How to find it. Specifically, it is to expand the meaning of Article 4, Paragraph 5 of the ‘Agreement’, to include Online casino and How to find it, and mark it as ‘a separate currency’. In this way, the International Monetary Fund can require its member states to use Online casino and How to find it to pay part of the subscription quota. As a result, its member states need to independently purchase Online casino and How to find it and donate it to the general fund of the International Monetary Fund to obtain a portion of their national currency, or special drawing rights equal in value to the exchanged Online casino and How to find it. In short, expanding the meaning of Article 4, Paragraph 5 of the ‘Agreement’ provides the International Monetary Fund with a way to indirectly accumulate Online casino and How to find it through its member states. This method requires only minimal changes and can incorporate Online casino and How to find it into its regulatory scope while maintaining the basic framework of the organization.

　　Another way is to allow the International Monetary Fund to have more direct control over Online casino and How to find it, giving it the status of ‘quasi-member’. Article 2, Paragraph 2 of the Agreement stipulates that the membership of the International Monetary Fund is open to all countries. Therefore, the quasi-member status of Online casino and How to find it in the metaverse can be recognized by the official International Monetary Fund, which will increase its legality. Digital users in the metaverse can also benefit from this, freely using and circulating Online casino and How to find it. On the other hand, with the reserve of Online casino and How to find it, the International Monetary Fund can deal with speculative attacks without requiring its member states to take action.

　　Conclusion

　　At the moment when the metaverse is not yet formally shaped, the legal issues involved are mostly based on considerations of the real world society. However, where the metaverse will eventually go and how great its influence will be are still unknown numbers. After the metaverse takes shape, the transactions of Online casino and How to find it will become an important connection between the real world and the virtual world. The law often lags behind the development of technology, but if it can keep pace with the steps of technology, the legal regulation systematization and platformization of Online casino and How to find it may be able to achieve the unity of metaverse internet technology and legal supervision in the process of achieving the ultimate goal of the metaverse.