Luxembourg has implemented space mining law

Luxembourg parliament has agreed to inaugurate the rules on the mining of asteroids. Small countries in western Europe have approved a regulation to grant private companies the right of ownership of objects they mine from space objects. The country has been discussing the regulation since 2016 and came into effect on 1 August.

Tinuku Luxembourg has implemented space mining law

The new rules by Luxembourg are similar to the rules enacted by US President Barack Obama in 2015. Both give ownership rights by mineral mining companies they do from space objects including asteroids.

Both rules are taking advantage of a loophole in the United Nations Space Regulation stating that no country can claim and occupy the Moon and other space objects. In these two rules companies do not get ownership rights over asteroids, but only have minerals they mine.

Unlike US regulations, the company's shareholders do not have to be in the Luxembourg area to obtain legal protection by this rule. The company just has enough offices in the country of Luxembourg.

However, companies interested in mining should obtain written permission from Luxembourg and do not have shareholders earning money from terrorist groups.

This policy is not unusual for wealthy nations despite Europe's small territory such as Luxembourg which first supported the space company in 1985 like a private satellite operator. Luxembourg-based company has become the largest satellite company in the world.

In addition, Luxembourg has invested in asteroid mining for many years. They have even worked with Deep Space Industries to design experimental aircraft to test mining technology in space.

The asteroid mining industry will take several decades before the company can do the first activity. But by formalizing this rule Luxembourg is securing a position in the business.