Sixty years of space activities have led to ongoing scientific and technological progress. Space 4.0 reflects the rapid changes of the space community. Growing interest in space activities leads to increasing participation of numerous new actors in this field. Governments, private actors and international organizations are eager to fill existing gaps in securing global society's needs. The European Space Agency's Space 4.0 concept is designed to host a new era of space activities, aiming to resolve global challenges and to serve society. Space 4.0 developments are highly important, but are taking place in an extremely complex net of legal, regulatory and political considerations. This paper focuses on the legal challenges raised by the new era of Space 4.0 in a sustainability context.