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Space technology is increasingly becoming part of our everyday life, businesses, governments and private entities rely heavily on satellite communications for their respective dealings and transactions. On the other hand, not all transactions or businesses can be done solely through telecommunications, we often need to get on an airplane and go somewhere else to do our respective businesses and if we are on vacation we definitely need to travel. The problem is that airplane travel, although fast, sometimes is not fast enough. Today's people want convenience and when they want something they usually want it fast, especially in business. Now, imagine yourself being able to get from Montreal to Sydney to close a business deal and be back home the same day or ordering a part from Tokyo to San Juan and have it delivered it the same day. It may seem like science fiction or something too far ahead in the future, but it is not. Currently, there are nations and private companies working on different prototypes that soon will be flying in our skies and above. These space transportation systems are the future of commercial transportation, but as every human activity, they will need regulation, in this thesis we will analyze the legal issues and aspects behind these future vehicles.