With the advancement of technology, the exploration and use of space resources have captured the attention of various stakeholders, necessitating the need for an unambiguous regulatory framework. However, the existing international law relating to the exploration and use of outer space does not provide sufficient clarity relating to the ownership and use of space resources. This has resulted in increasing fragmentation of space law, especially relating to developing a regulatory framework for space resources. Plurilateral arrangements like the Artemis Accords, accompanied by national space policies for exploration of outer space, further contribute to this fragmentation, thereby undermining the emergence of an UN-guided multilateral approach that prioritises coherence and inclusiveness. Amidst the ongoing debates over possessory rights in outer space, this chapter asserts that while the substantive outcome of a regulatory framework is often prioritised, the process of creating the regulatory framework is equally important. More specifically, the paper emphasises the need to adopt a multilateral approach, specifically under the ambit of the United Nations, to establish a well-defined and equitable regulatory approach for space resources. By examining the recent developments in India’s space program and policy and ongoing work at COPUOS, this chapter contends that emerging powers should actively engage in COPUOS to help develop a more collaborative and equitable framework for space resources.