The metaverse opens new possibilities for digital marketing but also raises serious ethical concerns, especially around privacy, transparency, and consumer protection. Existing regulations such as the EU General Data Protection Regulation (GDPR), Artificial intelligence Act (AI Act), the Digital Service Act (DSA), Digital Markets Act (DMA), and the Children's Online Privacy Protection Act COPPA (US) offer important ethical principles for digital environments but fall short in addressing the real-time, biometric driven nature of metaverse interactions. This paper presents a comparative analysis of these frameworks, highlighting the regulatory gaps specific to metaverse marketing. To address these gaps, we propose a five-pillar ethical framework that promotes responsible, user-centered marketing in immersive environments. Our analysis concludes that while existing regulations provide a foundation, updated guidance and industry-led practices are essential to ensure user trust, autonomy, and well-being in the evolving digital landscape.