Industry 5.0 is projected to be an exemplary improvement in digital transformation allowing for mass customization and production efficiencies using emerging technologies such as universal machines, autonomous and self-driving robots, self-healing networks, cloud data analytics, etc., to supersede the limitations of Industry 4.0. To successfully pave the way for acceptance of these technologies, we must be bound and adhere to ethical and regulatory standards. Presently, with ethical standards still under development, and each region following a different set of standards and policies, the complexity of being compliant increases. Having vague and inconsistent ethical guidelines leaves potential gray areas leading to privacy, ethical, and data breaches that must be resolved. This paper examines the ethical dimensions and dilemmas associated with emerging technologies and provides potential methods to mitigate their legal/regulatory issues.