With the advance of communication technologies such as the 5G/6G and the widespread Internet of Things (IoT) in many application domains, the need for supporting infrastructure is becoming an important concern. Traditional solutions either do not meet the requirements or are becoming too expensive. In this context, an emerging approach based on High Altitude Platform Stations (HAPS) is revealing itself as a promising solution. However, the legal and regulatory frameworks necessary to enable their large-scale deployment remain fragmented or underdeveloped in most regions. Despite the technical advances regarding the design and deployment of these platforms, important concerns are raised in terms of legal framework to make it feasible. In light of this gap and observing the significance of the employment of these high-altitude unmanned platforms, this work provides a discussion on regulatory aspects involved in HAPS operation, with a particular focus on the recent advances in Brazil and in Europe. Finally, a prospective analysis of the steps that are coming in HAPS regulation is provided. © 2025 IEEE.