Holiday-makers could fly from the UK to Australia in just under two hours under new plans.
A new spaceport in Cornwall is supposed to be Europe's first one to be built.
The UK Space Agency has confirmed it is drafting regulations to allow sub-orbital flights from a site in Newquay.
The spaceport plan, which has won £20million of funding, has so far been proposed as a base for launching small satellites into orbit, Devon Live explain.
The new licence would also allow it to be used for space tourism and passenger flights.
A spaceport is also planned in the Highlands and Virgin Galactic is likely to operate tourist flights.
Sir Richard Branson’s company plans horizontal launches while rivals intend to take tourists to space by rocket
British astronaut Tim Peake, 47, said it is “incredibly important” for us to lead the way in space tourism.
He said: “For Britain to be the first spaceport in Europe to be able to offer that service because we have the legislation in place, because we’ve sorted out our infrastructure, that will be huge.”
He added: “It’s a very exciting time right now. Space tourism can come under some criticism as a sport for the rich but that’s how a lot of things start, that’s how aviation started.
“What might be perceived as an expensive folly today actually can in future become a very efficient means of transportation.
"If you extend Virgin Galactic’s principle and improve vehicles, you could do London to Sydney in 90 minutes.”
UK Space Agency’s Andrew Kuh said: “The Space Industry Act 2018 has already put in place the legal framework.
"We’re hoping to have the right regulations in place so that we could launch from Britain.
