- To comply with the requirements of the EU’s crypto asset regulation or Markets in Crypto Assets regulation (MiCA), VeChain has collaborated with the Crypto Carbon Ratings Institute (CCRI) for swift implementation of its framework.
- VeChain is recognized as one of the most energy-efficient blockchains as it uses just 0,000216 kWh of electricity per transaction.
VeChain (VET) makes a strategic move to secure a crucial partnership with the Crypto Carbon Ratings Institute (CCRI) to meet the European Union’s (EU) crypto asset regulation, also referred to as Markets in Crypto Assets regulation (MICA).
According to the report published by VeChain, CCRI is one of the most influential European organizations that facilitates transparency around the environmental impact of the crypto industry.
We're excited to announce our partnership with the Crypto Carbon Ratings Institute (CCRI) – an influential European organisation delivering transparency around the environmental impact of the wider crypto industry, and the VeChainThor blockchain.
This important development helps… pic.twitter.com/u16moulSir
— VeChain (@vechainofficial) August 1, 2024
More on MICA
Since becoming a law, MICA has set up a licensing requirement for crypto issuers and service providers with issuers of Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs) required to make sustainability disclosures. As explained by an Associate Director at DTI Foundation Rowan Varrall, crypto asset service providers must disclose at the end of every year.
One of the rules’ notable requirements focuses on ESG data. This law implies that any adverse impact on the environment must be adequately identified and disclosed. Specifically, this information is meant to be obtained from the crypto whitepaper.
These disclosure requirements apply to persons drawing up the crypto-asset white paper…Operators of trading platforms shall ensure by 31 December 2027 that a crypto-asset white paper is drawn up, notified, and published….
Efforts of VeChain (VET) Towards Sustainability
Following the publication of this document, VeChain wrote a blog post highlighting some of its efforts to improve sustainability by providing tools and platforms that encourage informed decisions. Referencing its VeChainThor blockchain, VeChain explained that this platform provides an efficient, user-friendly, and open platform for collaboration.
Backing this with data, the 2022 carbon footprint of VeChain’s network of 101 authority master nodes, calculated to be 4.46 t CO2e/year, was cited. According to them, it is one of the most energy-efficient blockchains, utilizing just 0,000216 kWh of electricity per transaction. Comparatively, this is just 0.04% of other blockchains.
The report further points out that blockchain technology can contribute immensely to the sustainability revolution through multiple ways, such as collective governance and decision-making, tokenisation and incentivization, transparency and accountability, traceability, and efficient resource management.
We have and are continuing to engage with many businesses and industries to combine forces and create innovative solutions to promote sustainability in many different forms. Our ambition is to become one of the most sustainable blockchain networks and ecosystems.
At press time, VET was trading at $0.02, having declined by 2.6% in the last 24 hours.
