The metaverse is rapidly gaining momentum as the next phase of virtual reality, offering an innovative interactive platform for learning, economics, and social activities. This three-dimensional environment is designed to replicate the real world, and its impact on society is expected to be profound in the coming years. The metaverse has collectively formed a virtual universe, which may become an integral part of our daily lives as technology advances, changing the way we interact with each other and the world. With the evolution and integration of the metaverse into our daily lives, we may face various ethical and legal challenges. In this chapter, we provide a detailed survey on ethics and regulations in the metaverse to understand its current risks and future challenges. We present current approaches and prospective solutions for the challenges faced in this virtual environment. We conclude the chapter with a discussion of appropriate management framework to safeguard the ethical and legal entitlements of metaverse users and co-creators.