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{
    "id": 1583374,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583374/?format=api",
    "text_counter": 332,
    "type": "speech",
    "speaker_name": "Nominated, ODM",
    "speaker_title": "Hon. Irene Mayaka",
    "speaker": null,
    "content": "authorities. We already have regulatory authorities for traditional assets. It is encouraging that virtual assets will now be incorporated for regulation. This means we do not have to reinvent the wheel. We can simply plug and play the existing regulatory systems. Part III of the Bill speaks about licensing requirements. Licensing has been a thorny issue to navigate for virtual assets suppliers. Many have been operating independently, using regulations from other countries but do not align with Kenya’s context. Having our own licensing framework will be a major step forward. Part IV of the Bill addresses general obligations of virtual assets providers. Part V focuses on prevention of money laundering. This is important because concerns about fraud and anti-money laundering have made people to shy away from investing in this space. This Bill creates an environment that will encourage their participation."
}