Heidi Wicker, a partner in FinTech, Payments and Financial Products at Stinson LLP, wrote a guest column for the New York Law Magazine“Transactions in the metaverse, but charging in reality: legal considerations for companies establishing payment infrastructures”.

Detailing the legal considerations for setting up a payment infrastructure in the metaverse, Wicker examines the considerations a business must take into account when determining whether to set up a virtual storefront and sell or license “goods” or services in a virtual reality world.

She details issues that regularly arise and must be considered: Federal Bank Secrecy Law/anti-money laundering regulations; State Laws of Money Transmitters and Payment Instruments; Federal Electronic Funds Transfer Law/Regulation E; Condition…