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{
    "id": 1583353,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583353/?format=api",
    "text_counter": 311,
    "type": "speech",
    "speaker_name": "Endebess, UDA",
    "speaker_title": "Hon. (Dr) Robert Pukose",
    "speaker": null,
    "content": " Thank you. On the onset, I support the Virtual Asset Service Providers Bill. For the comfort of Hon. Millie Odhiambo, I want to let her know that Uganda is also benchmarking from her Assisted Reproductive Technology Bill. Kenya is doing very well. Nigeria failed on the anti- snake venom but Kenya is on the way to achieving that. This is a very important Bill. Conmanship is one of the major challenges of service provision in the virtual assets sector. I would like the Committee to make it simpler because Kenyans should not fear venturing into this field. When complicated, it becomes something for elites instead of farmers. We moved to buying tokens even for our electricity. You can easily purchase more electricity tokens when they run out. Similarly, in the virtual assets space, you can earn points, and even transfer tokens to someone else to help them buy food or pay school fees. This is not a new concept but explaining it to others is a challenge. We are speaking about cryptocurrencies such as Bitcoin and Ethereum and the management of the virtual assets field. In other jurisdictions, the regulator must ensure that any service provider in that field is a resident and has a permanent address within the country. That helps build confidence in the citizens so that they know the virtual asset service provider. Part IV of the Bill outlines the requirements that a service provider must meet. This is important because if I am entrusting my money to you to trade in that space, I need to know that my investment is safe, whether it is in Bitcoin, Ethereum, or any other asset. The Committee originally proposed to assign regulatory authority to either the CBK or the CMA. However, the Committee Report proposes the establishment of a Virtual Assets Regulatory Authority. The CBK and CMA already have other responsibilities. They may not be able to manage this space very well. We need a body that can regulate this space and be held accountable. You cannot hold the CBK or CMA accountable due to ambiguity. Part III of the Bill is on the licensing requirements. Clause 10(4) states that the Cabinet Secretary may, by notice in the Kenya Gazette, amend the First Schedule to this Act. The electronic version of the Official Hansard Report is for informationpurposes only. A certified version of this Report can be obtained from the Hansard Editor."
}