EU revamps regulations for expanding space market

BRUSSELS (Reuters) -The European Commission on Wednesday put forward the EU Space Act, a long-awaited overhaul of regulations affecting its fast-growing space industry.

The legislation aims to create a single market for firms offering space services in the bloc while boosting efforts to be more competitive with the United States and other commercial space powers.

It also includes measures to tackle the growing problem of congestion in space, where thousands of satellites are in orbit and 128 million pieces of debris are circulating.

The European Commission said the legislation would also address threats from cyberattacks and electronic interference, and promote environmentally sustainable use of space resources.

It would require satellites to be safely disposed of at the end of their operational life, mandate risk assessments and cybersecurity measures for space operators, and establish rules for measuring environmental impacts.

"The 21st century will be the century of space and the century of the new frontier - new frontier: space," said EU space and defence commissioner Andrius Kubilius.

"We are at the start of a space revolution. Very soon, space will become massive."

The rules will apply to EU and national space assets and to non-EU operators who offer services in Europe.

The proposal must be approved into law by the European Parliament and the EU Council.

(Reporting by Makini Brice; Editing by Tim Hepher and Ed Osmond)