This paper analyzes Brazilian space legislation to identify its effectiveness and proposes a minimum regulatory instrument to support and promote national space initiatives. The Brazilian government has had budgetary difficulties, but as the interest of the private sector grows and a “New Space” scenario opens, its space program needs to adapt, reaching for industry, academia, and government institutions to foster the global space economy's inclusive and sustainable growth. Like most Latin American countries, Brazil does not have an inspiring and secure legal framework for commercial space activities. Authorization, supervision, registration and compensation are examples of necessary regulatory standards. Other issues, like remote sensing and mitigation of space debris, also deserve proper legal treatment. A general law on space containing basic provisions for legal stability is necessary to encourage private activities. A trustworthy legal framework will help boost local and foreign investment for the development of the Brazilian space program.