International Regulation
The ramifications of not having a clear international consensus or legal framework for all space activities will probably be reflected in numerous future space industries. Without that international legal regime in place, such industries as the development of future transportation systems, the commercial development of space, the market’s interest in investment in space transportation, the insurance industry’s ability to assess and price risks could all be adversely affected.
There are currently no international regulatory processes or agreement to provide oversight of the space tourism business[1]. There has been some thought as to how the ICAO, the COPUOS, the EASA (European Union Aviation Safety Authority) and even the International Association for the Advancement of Space Safety (IAASS) could regulate this industry.[2]
A U.N. agency would probably prove to be too bureaucratic and cumbersome in nature considering the entrepreneurial nature of the private space companies. It is clear that some form of international oversight is required and my colonial model goes even further by recommending a multi-tiered governance and space law model.
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