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{
    "id": 1359293,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1359293/?format=api",
    "text_counter": 138,
    "type": "speech",
    "speaker_name": "Nominated, ODM",
    "speaker_title": "Hon. Irene Mayaka",
    "speaker": null,
    "content": " Hon. Speaker, pursuant to the provisions of Standing Order 44(2)(c), I wish to request for a Statement from the Chairperson of the Departmental Committee on Finance and National Planning regarding the current state of cryptocurrency regulation in Kenya. The introduction of the Finance Act, 2023, included a provision mandating a 3 per cent tax on cryptocurrency transfer or exchange of digital assets. This move signified a significant step towards recognising cryptocurrencies within our financial sphere. However, cryptocurrencies are not explicitly recognised as legal tender or assets, and the existing regulations are poorly communicated, leaving a clear legal framework elusive. Tax guidelines for cryptocurrencies remain unclear and specific incentives are absent. It is against this background that I request for a Statement from the Chairperson of the Departmental Committee on Finance and National Planning on the following: 1. What specific steps are being taken to develop clear and transparent regulations that not only foster economic growth of cryptocurrencies, but also protect cryptocurrency users? 2. In the absence of regulations, what measures are being taken to protect consumers from fraud or scams related to cryptocurrencies? 3. Could the Committee provide insights into the policy position of the Central Bank of Kenya on cryptocurrencies, specifically on reliability of cryptocurrencies considering that the Central Bank of Kenya plays an advisory role in shaping cryptocurrency regulations?"
}