The Asgardians have adopted a constitution[5] and they intend to access outer space free of the control of existing nations and establish a permanent settlement on the Moon by 2043.

Legal scholars doubt that Asgardia-1 can be regarded as a sovereign territory and Asgardia has not yet attained the goal of being recognised as a nation state.

In 2014, the AIRC began the publication of an international space journal, ROOM, of which Ashurbeyli is the editor-in-chief.

[14] AIRC AAS is the only institute in Austria whose activity is fully dedicated to the research of the Solar System, extraterrestrial life and the Earth using space technology and satellite techniques.

[15][16][17] On 12 October 2016, Ashurbeyli announced in a press conference in Paris, France, "the birth of the new space nation Asgardia.

Legal scholars doubt that Asgardia-1 can be regarded as a sovereign territory and Asgardia has not yet attained the goal of being recognised as a nation-state.

The Head of Nation may initiate legislative proposals and may veto acts adopted by the Parliament.

The Head of Nation may issue decrees that must be obeyed by governmental bodies and by the citizens of Asgardia.

Zhao, head of the Department of Law at The University of Hong Kong, was appointed as Asgardia's Supreme Justice on 24 June 2018 during the first parliamentary session in Vienna, where he was introduced to the elected Members of Parliament.

[23] Its first satellite was successfully launched by Orbital ATK on 12 November 2017 as part of an International Space Station resupply mission.

[37] Before the launch, the data storage device was loaded with things like family photos supplied by the first 1,500,000 members of Asgardia.

[38] Asgardia-1 was boosted to space and then deployed by US companies on a NASA-funded mission so the satellite falls under US jurisdiction.

[40] A continuously updated map that shows the location of Asgardia-1 in its orbit was hosted by NearSpace Launch, Inc.[41] Asgardia-1 (NORAD satellite identification number 43049) is also being tracked by Satflare.

[39][44] Sa'id Mosteshar, of the London Institute of Space Policy and Law, says this suggests that Asgardia lacks a credible business plan.

[36] Other proposed goals for the future include shielding the Earth from asteroids and coronal mass ejections,[19][24] and a Moon base.

that Asgardia has a better ability to organise its claim and perhaps raise funds for the satellite that would give it a physical presence in outer space.

Without self-governing territory in space where citizens are present, Mosteshar suggested that the prospect any country would recognise Asgardia was slim.

[44] Ram Jakhu, the director of McGill University's Institute of Air and Space Law, and Asgardia's legal expert, believes that Asgardia will be able to fulfil three of the four elements that the UN requires when considering if an entity is a state: citizens; a government; and territory, being an inhabited spacecraft.

In that situation, Jakhu considers that fulfilling the fourth element, gaining recognition by the UN member states, will be achievable, and Asgardia will then be able to apply for UN membership.

[39] The Security Council would then have to assess the application, as well as obtain approval from two-thirds of the members of the General Assembly.

She says there are a "number of entities on Earth whose status as an independent nation have been a matter of dispute for a long time.

"[22] Christopher Newman, an expert in space law at the UK's University of Sunderland, highlights that Asgardia is trying to achieve a "complete re-visitation of the current space-law framework," anticipating that the project will face significant obstacles with getting UN recognition and dealing with liability issues.

Parliament voted in favour of tasking the Government with drafting legislation regarding the economic system and the national currency of Asgardia by the next Parliamentary session.

The Forum was attended by representatives from the professional community, including economists, finance professionals, specialists in the areas of development of currency systems, cryptocurrencies and investment tools from Austria, Belgium, Denmark, India, Germany, the Netherlands, Russia, South Africa, Turkey, United States, UK and other countries.

The Memorandum with a general overview and outlines the next steps of developing Asgardia's economic system was adopted on the Forum.

The Caspian Week Conference is a meeting of global leaders, visionaries and experts within the Davos Forum.