Naturecode/ 01
◆§ legal · standards · scopev1.0 · April 2026

Voluntary credits, openly.

Naturecode focuses on voluntary credit issuance. For credits that require a regulated or licensed entity to issue, we work with licensed partners (Verra, Plan Vivo, Gold Standard, registry-bridge providers) who handle the regulated tranche under their authorisation. This page documents the standards we co-issue against, the sovereign methodologies we publish ourselves, and the broader regulatory framework around the work.

This page is informational and does not constitute legal advice. Anyone offering, transferring, or retiring credits in their own jurisdiction should consult qualified counsel.

◆§ 01 — how naturecode issues

Naturecode does voluntary. Licensed partners handle the rest.

Every credit Naturecode issues directly is voluntary. In the US, voluntary carbon credits are formally classified by the CFTC as environmental commodities — not securities, not derivatives — and no federal licence is required to issue them. The CFTC's September 2024 guidance applies only to designated contract markets listing voluntary-credit derivative contracts; spot issuance, transfer, and retirement sit outside that scope.

Where issuance does require a regulated or licensed entity — for example, ERC-3643 / Canton-rail tokenised tranches with KYC immobilisation, or institutional-grade settlement under specific national frameworks — Naturecode works with licensed partners who hold the relevant authorisations. Verra, Plan Vivo Foundation, Gold Standard, and the registry-bridge providers listed below carry the methodology accreditation, verifier network, and serial-issuance machinery for the co-issued tranche; Naturecode contributes the dMRV stack and the community-side issuance.

For methodologies where no global voluntary standard yet exists — coastal resilience, atoll freshwater recharge, smallholder poultry welfare — Naturecode publishes its own sovereign methodology, openly governed by the steward community and audited via dMRV (sensors + satellite + community attestation). These are voluntary credits; they simply have no third-party registry co-issuance.

  • Anti-fraud authority always applies (CFTC, FTC, state AGs in the US; equivalents elsewhere) to any spot or forward purchase.
  • If credits are tokenised and offered to EU users via crypto-asset rails, MiCA applies to the tokenisation service provider. Naturecode partners with authorised CASPs for that surface.
  • If a third party lists futures or options on our credits at a designated contract market, CFTC's 2024 guidance applies to that listing entity.
◆§ 02 — carbon

The carbon-credit standards we recognise.

Voluntary carbon credits are the most established credit class. The major registries each publish dozens to hundreds of methodologies. The list below is not exhaustive but covers the standards Naturecode either co-issues against or recognises for import.
◆§ 03 — biodiversity

Biodiversity credits are earlier and more diverse.

Biodiversity credit methodologies are still consolidating around a handful of frameworks. Verra's Nature Framework opens to all applicants on 1 January 2026; Plan Vivo Nature is operational; Wallacea v3 is open-source. Several regional issuers (Terrasos, Savimbo, Pivotal, Accounting for Nature) have credible methodologies in production.
  • Verra SD VISta Nature Framework
    Verra
    Standardized biodiversity unit
    Multi-metric biodiversity outcomes; FPIC + benefit-sharing required. Opens widely 1 Jan 2026.
    —
  • Plan Vivo Nature (PV Nature)
    Plan Vivo Foundation
    1 PVBC = 1% uplift × ha · year
    Multimetric biodiversity (terrestrial + marine). Co-designed with Pivotal. Community-led.
    we use
  • Wallacea Trust Biodiversity Methodology v3
    Wallacea Trust
    1 unit = 1% median uplift / ha (across metrics)
    Open-source, peer-reviewed. Used globally by RePlanet UK + others.
    —
  • Accounting for Nature — NaturePlus®
    Accounting for Nature (Australia)
    Econd® (0–100 condition score)
    Ecosystem-condition accounting. Strong in Australia.
    —
  • Pivotal Biodiversity Method
    Pivotal Future
    1 unit = standardized uplift
    Eco-acoustics + eDNA + remote sensing fusion. UK-origin, scaling.
    —
  • Savimbo
    Savimbo
    1 unit = species-presence verified m²
    Indicator-species methodology; smallholder rainforest focus (LATAM).
    —
  • Terrasos Voluntary Biodiversity Credit
    Terrasos (Colombia)
    1 VBC = 10 m² stewarded for 30 yrs
    First operational VBC in market; LATAM ecosystems.
    —
  • IAPB Framework
    International Advisory Panel on Biodiversity Credits
    Framework only (not an issuer)
    Convened by UK + France; sets high-integrity principles for biodiversity credits.
    —
◆§ 04 — water

Water credits are smaller but established.

The voluntary water credit market is dominated by BEF Water Restoration Certificates in the US, with growing standards from Verified Water Action and the WBCSD Replenishment Guidance. Naturecode publishes a sovereign water methodology for atoll freshwater lenses — a setting BEF was not designed for.
◆§ 05 — nature (bundled)

Nature credits bundle multiple outcomes.

The European Commission's 2025 Roadmap towards Nature Credits is the most consequential framework in this space. Expert technical criteria are due mid-2026; the certification framework is expected by 2027. The Roadmap explicitly preserves voluntary status. Naturecode's NC-NATURE-1 bundle aligns with the Roadmap's direction.
  • EU Nature Credits — Roadmap
    European Commission
    Framework forming (technical criteria mid-2026, certification by 2027)
    Voluntary bundled-outcome credits across biodiversity + water + carbon co-benefits. Will integrate with CRCF.
    —
  • Naturecode Nature Bundle (NC-NATURE-1)
    Naturecode-sovereign
    1 NBU = bundled water + biodiversity + carbon outcome per ha-year
    Sovereign methodology aligned with EU Nature Credits Roadmap direction.
    we use
◆§ 06 — other voluntary credit types

Reef, plastic, resilience, welfare.

Several emerging or niche voluntary credit types matter to our project mix. GreenCollar's Reef Credit covers DIN-reduction outcomes for the Great Barrier Reef. Verra's Plastic Standard covers waste collection. Naturecode's sovereign methodologies fill the gaps for resilience, welfare-pilot, and atoll water — areas where no global voluntary standard yet exists.
  • GreenCollar Reef Credit (DIN reduction)
    GreenCollar (Australia)
    1 unit = 1 kg DIN prevented
    Dissolved inorganic nitrogen reduction reaching the Great Barrier Reef.
    —
  • Verra Plastic Standard
    Verra
    1 PCC = 1 tonne of plastic collected/recycled
    Plastic waste reduction credits.
    —
  • Naturecode Resilience (NC-RESILIENCE-1)
    Naturecode-sovereign
    1 RU = ha-year of resilience outcome
    Storm-surge buffer / mangrove fringe / freshwater-lens resilience. No global voluntary standard exists.
    we use
  • Naturecode Animal Welfare Pilot (NC-WELFARE-PILOT-1)
    Naturecode-sovereign
    1 WOU = barn-month of welfare outcome
    Pilot for poultry / non-ruminant welfare credits. No global voluntary standard exists for poultry; EU CRCF expansion to livestock GHG under assessment for 2026.
    we use
  • Naturecode Water (NC-WATER-1)
    Naturecode-sovereign
    1 credit = 1,000 gallons restored
    Sovereign methodology modelled on BEF WRCs for atoll freshwater-lens recharge.
    we use
◆§ 07 — compliance regimes (for reference)

Naturecode does not issue under any of these.

The frameworks below are compliance regimes — government-mandated, not voluntary. They are listed here so the distinction is unambiguous. Naturecode does not issue credits under these and is not authorised to do so. Voluntary credits we issue may, in some cases, be importable into compliance regimes by independent third parties (e.g. CORSIA acceptance of certain VCS methodologies), but that import is not Naturecode's act.
Article 6.4 PACM
UNFCCC Supervisory Body
compliance

Paris Agreement compliance mechanism. First methodologies adopted Oct 2024. NOT voluntary — Naturecode does not issue under this.

reference
ICAO CORSIA
International Civil Aviation Organization
compliance

Aviation compliance. Approved registries include ACR, ART TREES, Verra, Gold Standard, CAR, GCC. Voluntary phase ends 2026; mandatory thereafter.

reference
UK Biodiversity Net Gain (BNG)
UK Government (DEFRA + Natural England)
compliance

Statutory 10% biodiversity uplift for most UK developments. Compliance — not what we issue.

reference
EU ETS
European Commission
compliance

EU Emissions Trading System — compliance market for installations. EUAs are not voluntary credits.

reference
EU CRCF — Carbon Removal Certification Framework
European Commission
compliance

Voluntary EU certification framework. First methodologies due 2026, with mandatory biodiversity co-benefits. Will eventually expand to livestock GHG.

reference
◆§ 08 — integrity & quality

Labels and ratings, not issuance.

The Integrity Council for the Voluntary Carbon Market (ICVCM) and the Voluntary Carbon Markets Integrity Initiative (VCMI) are integrity bodies — they label methodologies and govern buyer claims, but they do not issue credits. Independent rating agencies (Sylvera, BeZero, CCQI) score project quality. Naturecode supports any of these labels being attached to credits we co-issue.
ICVCM Core Carbon Principles (CCP)
Integrity Council for the Voluntary Carbon Market
label

Quality label, not an issuer. As of 2026, ~38 methodologies across 8 programs are CCP-approved.

reference
VCMI Claims Code of Practice
Voluntary Carbon Markets Integrity Initiative
label

Demand-side integrity — governs how buyers can credibly use credits in their claims (Silver/Gold/Platinum).

reference
Sylvera Ratings
Sylvera
label

Independent project ratings (AAA → D). State of Carbon Credits 2025: BBB+ credits = 31% of retirements.

reference
BeZero Carbon Ratings
BeZero
label

Project quality ratings; widely used by institutional buyers.

reference
Carbon Credit Quality Initiative (CCQI)
EDF + WWF + Öko-Institut
label

Methodology-level scoring framework.

reference
◆§ 09 — regulatory framework

What applies, and what doesn't.

Voluntary credit issuance in itself is not licensed. But several adjacent regimes can apply depending on what you do with the credits, where, and for whom.
United States
CFTC

Voluntary carbon credits = environmental commodities (not securities, not derivatives). CFTC anti-fraud authority extends to spot + forward purchases. CFTC Sep 2024 guidance applies to designated contract markets listing VCC derivative contracts — not to Naturecode.

reference
United States
US Treasury Joint Policy Statement on VCMs (May 2024)

Statement of principles — not regulation. Calls for high-integrity supply, demand, and intermediary practices. Naturecode's methodology + dMRV stack aligns with these principles.

reference
European Union
MiCA — Markets in Crypto-Assets Regulation

If voluntary credits are tokenised as crypto-assets and offered in the EU, the tokenisation service provider may need CASP authorisation. Transitional period ends 1 July 2026. Naturecode tokens are most likely classified as 'other crypto-assets' (utility-token category).

reference
European Union
CRCF — Carbon Removal Certification Framework

Voluntary EU certification. First methodologies due 2026, with mandatory biodiversity co-benefits. Will eventually expand to livestock GHG (assessment in 2026, expected adoption 2027). Naturecode methodologies aim for CRCF interoperability where applicable.

reference
European Union
Nature Credits Roadmap (Jul 2025)

Voluntary nature credits framework. Technical criteria mid-2026, certification by 2027. Naturecode's NC-NATURE-1 is designed to be Roadmap-compatible.

reference
Maldives
Voluntary, no specific licensing

Maldives has no specific voluntary-credit licensing regime as of 2026. Standard land-use, fisheries, and corporate registration apply. Big Fish Maldives holds island leases for Faadhoo + Lumboakandhoo, providing legal control over project activities.

Global
Anti-fraud + AML/KYC

Anti-fraud rules always apply (CFTC/FTC/state AGs in US; equivalents elsewhere). KYC/AML applies to onramp partners (USDC, fiat off-ramps) and to KYC-gated tranches (Verra tokenisation requires KYC tier 2).

Reporting
IFRS S2 / SEC Climate / CSRD

Disclosure regimes for buyers, not issuers. Affect demand by requiring corporate disclosure of credit retirements used in net-zero claims. Naturecode credit retirements are independently verifiable on-chain to support buyer disclosure.

◆§ 10 — naturecode's stack

What we issue today.

Across the four projects co-stewarded by Big Fish Maldives × Naturecode Maldives (Faadhoo + Lumboakandhoo) and Naturecode Maldives (Maafushi + Kulhudhuffushi), our credit stack is fully voluntary. Each asset class points to a specific methodology; none require Naturecode itself to be regulated or licensed.
◆ Faadhoo + Kulhudhuffushi mangroves
  • Mangrove Blue Carbon
    Verra VM0033
  • Mangrove Biodiversity
    Plan Vivo PV Nature
  • Lagoon Seagrass Blue Carbon
    Verra VM0033
  • Coastal Resilience / Storm-Buffer
    Naturecode-sovereign NC-RESILIENCE-1
◆ Lumboakandhoo poultry
  • Poultry Welfare
    Naturecode-sovereign NC-WELFARE-PILOT-1 (no global standard exists)
  • Microclimate Resilience
    Naturecode-sovereign NC-RESILIENCE-1
◆ Maafushi livestock
  • Enteric Methane Reduction
    Verra VM0041 (ruminants)
  • Soil Carbon
    Verra VM0042
  • Pasture & Water Restoration
    Naturecode-sovereign NC-WATER-1
  • Nature Bundle
    Naturecode-sovereign NC-NATURE-1
◆ Cross-project
  • All sovereign issuance
    dMRV via Furcate Ground Units + Sentinel-2 + drone + community attestation
  • All Verra co-issuance
    KYC-gated tranche with Verra registry serial
  • All Plan Vivo co-issuance
    Community-led with FPIC + benefit-sharing
◆§ 11 — key concepts

The vocabulary, briefly.

Additionality

The reduction or removal would not have happened without the credit revenue. Tested via baseline, regulatory surplus, financial viability, and common-practice analysis.

Permanence / Durability

How long the avoided / removed CO₂ stays out of the atmosphere. Nature-based: typically 30–100 yr crediting with buffer pools. Durable removals: ≥100, ≥200, ≥1000 yr categories (Puro CORC tiers).

Leakage

Emissions displaced outside the project boundary. Methodologies require leakage assessment and discounting.

Buffer pool

Withholding of a % of credits to insure against reversal events (fire, storm, default). VCS uses 10–30% typical.

MRV / dMRV

Monitoring, Reporting, Verification. Digital MRV (dMRV) uses sensors + satellite + AI to automate. Naturecode's stack is fundamentally dMRV.

Crediting period

Years over which a project may issue credits — typically 10–60 yr depending on methodology.

Vintage

The year (or quarter) in which the emission reduction / removal occurred.

Retirement

Permanent cancellation of a credit so it can be claimed against an emissions target. Once retired, a credit cannot be re-sold.

Co-benefits

SDG-aligned benefits beyond the primary credit type (biodiversity, water, livelihoods). Premium markets reward these.

Co-issuance

Naturecode pattern where a sovereign tranche issues alongside a tranche carrying a registry's serial (e.g. Verra VCS) for institutional buyers.

◆§ 12 — disclaimers

Read carefully.

Not legal, financial, or tax advice. This page describes the voluntary credit framework Naturecode operates within. It does not constitute legal, financial, or tax advice. Anyone offering, transferring, or retiring credits should consult qualified counsel in their jurisdiction.

Standards change. The voluntary credit landscape is evolving fast. Methodologies are revised; new standards launch; integrity bodies update labels. The information here is current as of April 2026.

Sovereign methodologies are pilots. Naturecode's sovereign methodologies (NC-RESILIENCE-1, NC-WELFARE-PILOT-1, NC-WATER-1, NC-NATURE-1) are community-governed and dMRV-attested but do not carry third-party registry serials. Buyers should evaluate them on their own merits.

Co-issuance does not guarantee acceptance. Co-issuance with Verra, Plan Vivo, or Gold Standard depends on each project successfully meeting that registry's listing, validation, and verification requirements. Co-issuance is sought project-by-project.

Tokenisation ≠ issuance. Naturecode tokenises voluntary credits for transfer and retirement on EVM, SVM, and Daml rails. Tokenisation does not create new credits and does not change the underlying methodology.

Questions? Talk to us