The digital environment has become an integral part of everyday life and children's interactions. Alongside the growth of technology and children's use of the digital environment, the associated risks and benefits are also evolving and expanding. Today's children, spending more time in the virtual space, are increasingly exposed to privacy violations and harmful or offensive content, and are likely to be targeted by targeted commercial advertisements more than ever before. These issues call for policymakers to develop laws and regulations that address the specific needs and vulnerabilities of children in this domain. This article aims to provide a comprehensive categorization of the leading risks faced by children online and to align domestic laws and regulations with the specifics of each category. Additionally, it offers a review of international experiences in this field and provides recommendations to address existing gaps in legal protection for children in the virtual space.