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The metaverse is a shared, 3-D, immersive virtual space where individuals, groups, and organizations can interact with each other. It is expected that over the next several years, the growing popularity of metaverse will transform the business landscape. For accountants, the economics of the metaverse involving trade in virtual assets such as non-fungible tokens will present new types of ethical challenges. This study adopts a content analytic approach to find that the metaverse is currently highly decentralized, presenting unique challenges in enforcing traditional laws and regulations in the virtual world. We identify legal and ethical issues related to intellectual property rights involving the creation, ownership, and protection of virtual assets, and subsequent tax and auditing implications associated with the ownership of these virtual assets.

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