“The launch of 500 million Carbon Coins appears to be inconsistent” with the Verra Registry Terms
“Verra is currently assessing the matter to determine the appropriate next steps.”
On 15 January 2026, REDD-Monitor wrote about a company called China Carbon Neutral Development Group, which has issued 500 million “Carbon Coins”. The Carbon Coins are blockchain-based tokenised carbon credits backed by 500,000 carbon credits on Verra’s registry.
In the post, I noted that I’d sent some questions to Verra and that I looked forward to posting Verra’s response in due course. In emails that followed, I gave Verra two weeks to respond, sent a link to the post on REDD-Monitor and added that Verra is welcome to add anything about Verra’s position or policies on tokenisation and cryptocurrencies that isn’t covered by my questions.
My questions to Verra are below, followed by Verra’s Media Statement, which arrived today.
From: Chris Lang
Sent: Thursday, January 15, 2026
To: Verra
Subject: Questions about China Carbon Neutral Development Group’s “Carbon Coins”Dear Sir or Madam,
My name is Chris Lang and I run the REDD-Monitor Substack.
I’d like to ask Verra a few questions about the use of 500,000 carbon credits on Verra’s registry to back the issuance of 500 million blockchain-based tokenised carbon credits, or “Carbon Coins”, issued by China Carbon Neutral Development Group recently.
Did anyone from China Carbon Neutral Development Group or any of the other companies involved contact Verra before the launch of the Carbon Coins? If so, what was the general nature of this contact?
In May 2022, Verra stopped the tokenisation of retired carbon credits on the Verra registry. A consultation was held and a summary of comments published in January 2023. Please describe briefly what progress has Verra made on regulating the tokenisation of carbon credits on the Verra registry since then.
Does the launch of the 500 million Carbon Coins comply with Verra’s current legislation on tokenisation? If not, what action will Verra be taking?
Will Verra be responding publicly to the Carbon Coin launch? Will it be on the agenda for Verra’s stakeholder update webinar on 28 January 2026?
Which projects on Verra’s registry generated the carbon credits that China Carbon Neutral Development Group tokenised to created the Carbon Coins?
According to Verra’s current regulations, is it possible to create 500 million Carbon Coins from just 500,000 carbon credits — meaning that each Carbon Coin is based on 1/1000 of a carbon credit?
Thank you for your time and I look forward to hearing from you. Please consider your response to be on the record.
Regards, Chris Lang
Media Statement – Verra
Verra was not contacted by China Carbon Neutral Development Group, or any other parties involved, prior to the launch of the Carbon Coins.
In May 2022, Verra clarified that it expressly restricts the tokenization of retired carbon credits without Verra’s consent, while it undertook a public consultation process. A summary of stakeholder feedback was published in January 2023. This work was deprioritized due to other organisational priorities, however, Verra has recently resumed the consideration and development of a formal tokenization policy. This work has been re-prioritized in light of increasing industry interest, with the aim of completing the policy by the end of 2026, ensuring that Verra’s approach reflects evolving market developments, continuing to prioritize environmental integrity and transparency, particularly as it relates to the prevention of fraud, double-issuance, and double-use.
Until a formal tokenization policy is finalised, clause 1.9 of the Verra Registry Terms of Use restricts the creation, marketing, or transacting of “Related Instruments,” including tokens, without the express written consent of Verra. Based on our current understanding, the launch of the 500 million Carbon Coins appears to be inconsistent with these Terms. Verra is currently assessing the matter to determine the appropriate next steps.
While there have been some corporate names reported publicly, Verra doesn’t disclose registry-related information that account holders have chosen not to disclose.
Verra will not be commenting on any plans for public communications related to this matter at this time.
With unresolved double-counting risks, such instruments cannot credibly claim any genuine climate contribution.