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{
    "id": 1583348,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583348/?format=api",
    "text_counter": 306,
    "type": "speech",
    "speaker_name": "Suba North, ODM",
    "speaker_title": "Hon. Millie Odhiambo-Mabona",
    "speaker": null,
    "content": "law there will be an aspect of regulation. Another issue is the market and operational risks that include price volatility and as I had indicated, the issue of cyber security. I will comment very briefly on some of the things that this Bill speaks to. It designates a regulatory authority, which is a very good thing. This is because this is a sector that is not aptly regulated. Because of that, it becomes very difficult to differentiate between legitimate virtual assets operations and what has come to be known in Kenya as wash wash . There are many people who after getting money under very questionable circumstances suddenly want to be elected to Parliament and get into positions of authority where they presume they will hide their money. The other good thing that this Bill does is to provide licensing requirements so that it is not a free-for-all. Through licensing, we will know who we are dealing with and this will enable us deal with the cyber threats we are talking about. I am happy that Clauses 21, 22, 23, up to 24 of this Bill talk about ethical issues such as businesses to be conducted in a prudent manner with integrity and issues of conflict of interest. Another notable issue is that it also provides for criminal offences and penalties for people who misuse this platform. When we passed the Data Protection Act, I thought we were being melodramatic. I understood why there was need for data protection last year when we had the Gen Z issue and my number was shared. I got messages and calls every hour despite the fact that I was not considered bad but rather a favourite at that time. I wondered if I was a favourite and I got that kind of messaging, what about those who were not liked? I was forced…"
}