Luxembourg is the first European country changing its laws to allow asteroid mining companies to keep what they harvest.
Luxembourg passed draft legislation this weekend intended to make the country the hub of the future space mining business. Most European countries don’t offer a similar level of legal protection for prospective miners, causing investors to flock to the tiny country.
The country has negotiated formal relationships with about 20 space companies and entrepreneurs, including asteroid mining companies Deep Space Industries (DSI) and Planetary Resources. Luxembourg is paying some of these companies to operate within its borders.
A recent wave of private companies has been encouraged by a rapidly changing legal environment to consider mining asteroids. DSI’s CEO previously told The Daily Caller News Foundation that his goal was to mine enough asteroids to provide “all the material and equipment needed to build cities in space” in the next 30 years.