The development of space law did not keep up with the rapid and complex challenges in outer space, which requires new regulations adapted to governmental and private needs at national, regional and international governance levels. Space law has been and continues to be shaped by technological advances as well as economic, political and military aspirations. An essential prerequisite is protecting the growing assets against risks, facilitating investments, ensuring legal certainty for space activities and establishing space security and peace as essential conditions for space development. Moving beyond the established international legal regime in outer space, as a point of departure the proposed ‘Draft Treaty on the Limitation of the Military Use of Outer Space’ is used, which has already been presented in 1984 during a conference in Göttingen, Germany. Although the world since then has considerably changed (not only to mention the end of the Cold War), key elements are still relevant or even more topical today than before, given the revived arms race in space and the call of the international community to prevent and control it.