Luxembourg pioneers property rights laws for planets and asteroids | PLACE
Luxembourg’s ambitions to become a leader in the nascent space mining industry moved a step forward as it adopted a new law to create property rights on planets and asteroids and govern exploration and use of space resources.
The economy minister, Etienne Schneider, said on Friday that Luxembourg had become the first European country to offer a legal framework ensuring that private operators can be confident about their rights over resources extracted in space.
The law will come into force on Aug. 1 and is based on the premise that space resources are capable of being owned. The country’s law also establishes the procedures for authorising and supervising space exploration missions.
“#Luxembourg is the first adopter in Europe of a legal and regulatory framework recognising that space resources are capable of being owned by private companies,” Schneider said.
Luxembourg in June 2016 set aside 200 million euros ($229 million) to fund initiatives aimed at bringing back rare minerals from space.