The Lunar economy will start when there is an established value chain and customer. iSpace is making landers and rovers. I hope they succeed, though its not guaranteed; the last two tries by governments to land on the Moon failed. iSpace has not made any inroads with other space resource tech development such as water harvesting and oxygen extraction near term, maybe He3 and metals long term. Each of those resources require multiple stages of extraction and processing to make them useful. Until all of it is in place there is no economy. Allegories such as selling picks to gold miners in the gold rush are extremely weak because of how much VC / government money it takes to do it.

There is no generally recognized treaty not to mine the Moon. The Outer Space Treaty says you cant own land on the Moon, but the UN Hague space resources working group has specifically worked on what is and isn’t appropriate for Lunar economic activity.