Nanomaterials are structures that have several uses in the food, textile, pharmaceutical, medical, composite technology, and electrical and electronic industries, reaching a wider global consumer base. Information regarding the risks that nanomaterials pose to safety of people and the ecosystem need to be acknowledged and compiled to create precise laws, rules, and standards that will standardize the usage of nanomaterials and nanocomposites in all fields. Products and materials based on nanotechnology provide enormous potential for innovative solutions to numerous difficulties which society is presently undergoing. However, another zone of product invention that sometimes develops faster than legal frameworks in nanotechnology. The lack of a globally accepted regulatory definition, the high degree of intricacy of some nanomaterials, and the varying global regulatory scopes are the primary causes behind it. During the preceding two decades, scientific institutions and governing organizations performed diligently to address these issues. The drawbacks of this, however, have recently come to the attention of everyone since excessive usage of these nanoparticles in consumer goods, industries, and research labs without the essential attention and carefulness has exposed employees and customers towards unidentified risks and hazards. Even though countries currently have laws and regulatory frameworks in place, stricter, more precise guidelines are still required for handling these materials. An outline of origins of nanowaste, handling techniques, discarding methods, exposure assessment, legal framework and guidelines of nanomaterials and their composites especially in the field of electrical and electronics are all comprised in this book chapter.