VeChain technology has been found to be in accordance with the latest legislation passed by the European Parliament this month. Specifically, the MiCA regulation is being adhered to by the layer-1 protocol.
Additionally, VeChain’s Carbon Calculator tool may prove useful for other protocols seeking to comply with the newly implemented energy regulations.
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See the carbon impact of every single transaction and smart contract interaction at https://t.co/grYAM7Ec5A, thanks to the recently launched carbon calculator, created in consultation with certification experts, DNV. #vechain #crypto #sustainability $VET https://t.co/i5Ag7Vso8y
— vechain (@vechainofficial) April 24, 2023
VeChain setting the example
The EU has implemented a set of standardized regulations that govern the emerging cryptocurrency asset class and associated services, making it the first region to do so. These laws address a range of topics, including consumer protection, token and exchange registration, stablecoin reserves, and energy usage.
As per the information provided, VeChain’s statistics page allows for the viewing of the carbon impact of each transaction and interaction with smart contracts. This capability may be attributed to the newly introduced carbon calculator, which was developed in consultation with DNV, a certification firm.
VeChain’s advanced technology is already aligned with the new MiCA regulation, which puts the network in a good position for the upcoming changes. Furthermore, companies are not required to comply with the new regulations until next year, which gives VeChain a head start.
The carbon calculator tool provided by VeChain enables users to easily view the carbon impact of each transaction and smart contract interaction. This capability can assist regulators in determining the energy efficiency of the protocol.