The GY-530 sensor has the VL53L0X sensor on board, with power management IC on board, the module can accept power arrange from 2.8V to 5V.

The VL53L0X is a new generation Time-of-Flight (ToF) laser-ranging module housed in the smallest package on the market today, providing accurate distance measurement whatever the target reflectances unlike conventional technologies. It can measure absolute distances up to 2m, setting a new benchmark in ranging performance levels, opening the door to various new applications.
The VL53L0X integrates a leading-edge SPAD array (Single Photon Avalanche Diodes) and embeds ST’s second generation FlightSenseTM patented technology.
The VL53L0X’s 940nm VCSEL emitter (Vertical Cavity Surface-Emitting Laser), is totally invisible to the human eye, coupled with internal physical infrared filters, it enables longer ranging distance, higher immunity to ambient light and better robustness to cover-glass optical cross-talk.