Third-Party Crypto Instruments and Tokens: Public Consultation on Verra’s Approach

Carbon credits. Verra has extended until Tuesday, 1 November 2022 the deadline for its public consultation about its proposed approach to third-party crypto instruments and tokens.

Recalling, Verra is conducting this consultation, considering the urgency of constructing an appropriate legal and policy framework to govern the creation, marketing, and use of crypto instruments and tokens. As a standard setter, Verra expects to enhance its framework, naming some potential risks such as fraud, environmental integrity, regulatory and legal uncertainty and anonymity of entities.

Besides that, on Thursday, 13 October 2022, Verra will hold a webinar on the public consultation. During the webinar, Robin Rix, Chief Legal, Policy, and Markets Officer, and Benoît Clément, Director of Financial Innovation, will provide an overview of the consultation and answer questions.

Worth refering to our 22 August post "Carbon credits: blockchain and tokenization status". In May, Verra announced the suspension of blockchain and crypto tokenization and suggested it would be focusing on a “closed and proprietary system” for recording carbon credits, which led to criticism from the ReFi and blockchain-enabled community. Click here to read the article again which, by the way, is full of further references.

The public consultation now being extended, was expected to end last Friday, 30 September, coincidentaly same date we posted White House's report (yes, US Governement !) "Climate and Energy Implications of Crypto-Assets in the United States". Recall here.

Click on the image below to Verra's invitation to the webinar (#CarbonCreditMarkets already registered !), including a link to this important public consultation.