The Houston-based Manxman visited his homeland last week with International Space University (ISU) founder, Dr Bob Richards.

Dr Richards is also a director of Optech, a Canadian company that develops advance lasers, used in space operations and exploration.

He said the Isle of Man had the potential to develop itself as a centre of excellence for space law, echoing Treasury Minister Allan Bell's comments of a Switzerland of Space.

He said that space and the moon was currently governed by international treaty, but no laws had yet been developed to govern its use, as nobody owns it. He believes that Manx space law could be a blueprint used for all space exploration globally.

He said: 'There is a lot of interest in going back to space and the moon. The Isle of Man is proposing a very inventive regulatory system that will allow organisations and countries to co-operate, in ways that have a precedent here on earth. One problem is that there are no countries on the moon, so no tax regimes or laws exist.'

Mr Stott added: 'The moon is untouched from a resource perspective. it has resources - minerals and metals that can be brought to earth. It can be used for construction in space, plus as a destination in itself - a playground for humanity. Who better than the world's oldest parliament to take that next step.'

Dr Richards also mooted the idea of a spaceship register, similar to the current ship register. Commercial spacecraft could benefit from tight regulation and display the Manx flag as they blast into orbit, much like conventional ships do at the moment.

He said the expertise for these sorts of industries was currently being developed at the ISU in Strasbourg, but could easily be developed in the Island through an academic partnership with the space institute.

He added: 'The Isle of Man is the missing piece of the jigsaw puzzle. Sitting here in the Island are some of the world's best bankers and lawyers. Why not set up an institute of space in the Isle of Man, affiliated to ISU.'