The Nagoya Protocol is a comprehensive framework aimed at combating biopiracy (where genetic resources are utilised without the provider State's consent or in violation of mutually agreed contractual terms), rewarding the stewardship of genetic resources and traditional knowledge, and providing a tool for sustainable development. From a holistic perspective, the Protocol is an incredible achievement; however, it rests in its legal ambiguities which have minimised the regulatory impact on user States. This article examines the key components of the Nagoya Protocol and critically analyses whether the Protocol facilitates its objective of responding to asymmetries between the interests of biodiversity‐rich countries and the users of genetic resources.