Areas beyond national jurisdiction (ABNJ) are covering nearly two-thirds of the world’s oceans and are rich in biological diversity. These also include the Polar Regions, where marine organisms adapted to extreme environments and led to increased scientific interest and activities, including bioprospecting activities. As a result, marine biodiversity is increasingly threatened. Thus, the Convention on Biodiversity (CBD) was established to ensure the conservation and sustainable use of biodiversity but left ABNJ and bioprospecting activities widely unregulated. In Antarctica, for instance, bioprospecting has raised concerns, and the matter has been discussed since 2002. As a result, the United Nations General Assembly (UNGA) Resolution 69/292 concluded the establishment of a new international legally binding instrument (ILBI) on the conservation and sustainable use of marine biological diversity for ABNJ. However, the inclusion of the Antarctic Treaty Area remains unclear. In light of the current BBNJ negotiations, the Antarctic Treaty Consultative Meeting (ATCM) only acknowledges the Antarctic Treaty System (ATS) as the appropriate framework to regulate these activities in Antarctica. Further, it seems to aim for regulation under the ATS, if at all. Therefore, this paper discusses a solution-based approach for possible regulation of the collection and use of Antarctic marine biodiversity. The negotiations and achievements of the current BBNJ process will be taken into account, as they might provide support for the regulation of these issues in Antarctica and the Southern Ocean.