With the rapid development of space technologies, space activities will continue to thrive in the process of space commercialization and privatization. However, it is obvious that existing space law rules are inadequate to meet the needs of the latest developments. Space traffic management, in particular, is an area of increased public interest. Measures on Space Traffic Management (STM) cannot be effective if approached in a disparate manner through national or regional silos. It is necessary to look into a possible legal framework for regulating space traffic and improving global space situational awareness to further aerospace development and ensure that space technologies can serve and enhance human well-being at a wider, deeper, and higher level.