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{
"id": 1582952,
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"speaker": null,
"content": "Second Reading"
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"id": 1582953,
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"content": "The Virtual Asset Service Providers Bill (National Assembly Bill No.15 of 2025)"
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"id": 1582954,
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"content": "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."
},
{
"id": 1582955,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582955/?format=api",
"text_counter": 278,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
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"content": " Hon. Temporary Speaker, before I move the Bill for Second Reading, I want to take a minute to welcome these great girls to the National Assembly and to also inform them that the great Nakuru County is also bestowed and gifted with many elected women leaders. We have Hon. Martha Wangari, the Member for Gilgil; Hon. Jayne Kihara, the Member for Naivasha; Hon. Irene Mrembo, the Member for Bahati; Hon. Charity Kathambi, the Member for Njoro; our Governor, Susan Kihika; and our Senator, Tabitha Keroche. They call us the county of girls. That shows you that women have power and they can fight alongside men and win seats. You should emulate the great ladies of Homa Bay and Nakuru counties. I am confident that you will become great leaders in the Republic of Kenya. I also want to caution our brothers and sisters from Central Kenya. Whenever there is a grammar issue, we need to be very careful not to pick a fight with our brothers and sisters from the Lakeside because we will lose that fight for sure as Hon. Wamuchomba has witnessed on the Floor of the House this afternoon. Hon. Temporary Speaker, I beg to move that The Virtual Asset Providers Bill (National Assembly Bill No.15 of 2025) be now read a Second Time. This Bill was published on 17th March 2025 and referred to the Departmental Committee on Finance and National Planning for consideration. Before I get to the nitty- gritty, I want to share with you a few quotes from businesspeople across the world. The Chief Executive Officer (CEO) of BlackRock reminds us that virtual assets are reshaping the entire financial landscape. There are huge opportunities for interactions. One of the most respected names in this space is David Solomon who says that cryptocurrencies have defined what it means to store and transfer value. Kenya is ranked third in Africa in on-chain weighted transactions volume. In the last one year, Kenya traded US$2 billion in decentralised protocols, liquidity aggression and synthetic platforms. We have approximately 6.1 million users who use Electric Vehicle (EV) capabilities, Chain-key Tokens, Crypto bridges, Wrapped Bitcoin (WBTC), gas subtracted Stablecoins and Zero-Knowledge (Zk) Rollups deployment. We have potential in this space to generate at least US$1 billion in terms of foreign direct investment. The passage of this Bill has the potential to create, at least, 25,000 jobs in Kenya in the next one year. We look forward to the new Blockchain technology and tokenisation being used to solve the challenge of budgetary allocation in our country. The Controller of Budget estimates that we have approximately Ksh550 billion worth of pending bills. I look forward to when this can be tokenised so that we can have people across Kenya and around the globe contributing to this space without constraining the Exchequer to be given the limited fiscal space we have in our budget. What are we doing as a nation to embrace this novel innovation in finance that the world is already embracing? At the very least, if this House considers and passes this Bill, Kenya will be the fourth country in Africa to do so by maintaining a progressive spirit of building Kenya to be the Silicon Savannah. Virtual assets are digital representation of value that are created, usually by mining. They are traded or transferred in the digital sphere often using Blockchain or other Distributed Ledger Technologies (DLT). They have many uses. They can be used as a medium of exchange, a unit of account, a store of value, or even for investment purposes, 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."
},
{
"id": 1582956,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582956/?format=api",
"text_counter": 279,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "with specific digital ecosystems under cross-border financial systems, depending on their structure and application. The question begs: should we regulate these assets? Kenya has witnessed a remarkable rise in cryptocurrency adoption, with over 10 million citizens now holding one form of digital asset or another. There is significant engagement in peer-to-peer cryptocurrency trading, which has earned Kenya a top position in global rankings for trading volume and overall cryptocurrency activity, according to the China Analysis Global Crypto Adoption Index of 2023. This growth demonstrates substantial interest in digital assets, especially among young Kenyans, and highlights the sector’s economic potential. Over the years, our traditional financial regulators, particularly the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA), have adopted a cautious approach towards virtual assets. For instance, in 2015 and 2022, the CBK issued cautionary notices to financial institutions, warning against engaging with cryptocurrencies and stating that they are not recognised as legal tender. However, we now realise that burying our heads in the sand is no longer tenable. In this regard, the National Treasury has brought forward the Bill before us, sponsored by the Leader of the Majority Party. When I was elected to this honourable House during my first Term in 2017, I raised a question in 2018 to the then Governor of the Central Bank of Kenya. I asked what measures the CBK and the National Treasury were taking to prepare for the emergence of bitcoin, blockchain technology, and cryptocurrency. The Governor responded that cryptocurrency and blockchain technology were a passing cloud, a fad that would fade away. Today, it is evident that these technologies are no longer a fad. Digital assets, including bitcoin, blockchain, Ethereum, stablecoins and others, are here to stay. The scope of this Bill is designed to regulate all individuals and entities engaging in virtual asset services within or from Kenya. It applies to companies incorporated under Kenyan law, or foreign companies recognised under the Companies Act, and licensed to provide virtual assets as defined in the First Schedule of the Bill. However, the Bill deliberately, excludes certain types of digital representations to avoid over-regulation. Exempted items excluded by the relevant authority include digital representations of value or rights that operates within a closed ecosystem such as in-game currencies that cannot be exchanged for fiat money or traded outside the issuer’s platform, central bank-issued digital currencies, certain non-fungible tokens not used for payment or investment purposes, and others. The Bill carefully, defines its scope to ensure that only virtual asset activities posing financial, consumer or systematic risks fall under regulatory oversight. At the same time, it seeks to preserve innovation and minimise unnecessary regulatory burdens. This approach is particularly important, considering past cases in Kenya where the lack of regulation led to consumer losses. For example, in 2023, thousands of Kenyans lost millions of shillings when the cryptocurrency platform Bitstream Circle collapsed. It had promised high returns and operated without any regulatory oversight, yet it was not licensed or monitored by any Kenyan authority. Such cases highlight the dangers of unregulated virtual assets services and demonstrates the need for a clear legal framework to safeguard public funds. Any person or entity seeking to provide virtual asset services must now apply for a licence from the relevant authority, which could be the Capital Markets Authority, the 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."
},
{
"id": 1582957,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582957/?format=api",
"text_counter": 280,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "Central Bank of Kenya, or the proposed new body, the Virtual Assets Regulatory Authority. The Bill places strong emphasis on the prevention and management of conflicts of interest among licensed Virtual Asset Service Providers (VASPs). These providers must establish and maintain effective internal policies to identify, mitigate and manage potential or actual conflicts of interest. For instance, if a VASP acts as both a broker and a client, it must separate those roles clearly. Where such conflicts cannot be avoided, they must be reported to the relevant authority."
},
{
"id": 1582958,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582958/?format=api",
"text_counter": 281,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The Bill outlines enforcement measures for any contraventions of its provisions, including clearly defined fines set out in the schedule. It also provides an appeals mechanism. If a licence application is rejected, the Bill sets timelines for the regulator to respond, outlining the documents required and the reasons for approval or denial. This is intended to prevent the delays seen in other sectors, where regulators have taken years to issue licences even after laws have been passed. Additionally, the Bill allows the Cabinet Secretary to issue further regulations. Since this is a new entity, not everything can be captured in the principal law. The Cabinet Secretary will be required to issue such regulations within six months of the law coming into effect."
},
{
"id": 1582959,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582959/?format=api",
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"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
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"content": "One of the key advantages of blockchain technology is its decentralised nature. Unlike traditional financial systems, which rely on central authorities, blockchain operates on a distributed ledger maintained by a network of nodes. This decentralisation reduces single points of failure and enhances the security and resilience of financial systems. For instance, Kraken, a global leader, has partnered with DeFi Development Corp to tokenise shares on the Solana Blockchain. This demonstrates the potential of decentralised finance to integrate traditional assets into blockchain ecosystems. I hope this Bill will help make this reality in Kenya. Another critical feature of blockchain is transparency. Every transaction is recorded on a public ledger that can be audited by anyone. This helps build trust among users and reduces fraud and corruption. Platforms such as Coinbase can tokenise Government securities and provide real-time visibility into their ownership and transfers, thereby improving accountability. One day, I hope we can use this technology to safeguard public assets. Issues such as the duplication of title deeds could be addressed through blockchain, where any attempt to change a title deed would be easily detected. Blockchain records are immutable; once a transaction is recorded, it cannot be altered or deleted. This feature is essential for maintaining the integrity of financial records and prevents tampering. We should consider amending our land registration and procurement systems to incorporate blockchain technology so as to reduce fraud and enhance transparency."
},
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"text_counter": 283,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "This legislation seeks to democratise access to investment opportunities through tokenised investment tools. By breaking down assets into smaller, more affordable units, tokenisation allows a broader range of investors to participate in markets that were previously inaccessible. For example, for you to own a parcel of land in Kenya, you need to own the entire piece of land. It will, therefore, be possible for Kenyans across the economy to own part of that property and gain profit from that interest for now. For you to buy a piece of land, you probably need to buy a 50 by 100,100 by 100, one acre, one hectare or whatever it is, but by using tokenisation, it is possible to have this land accessible to young people in this country through those small units and have them get a considerable return on investment. 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."
},
{
"id": 1582961,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582961/?format=api",
"text_counter": 284,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The efficiency of this blockchain is another compelling advantage that as a country, we should tap into. Traditional financial transactions often involve multiple intermediaries, leading to delays and increased costs. It will be important to remind ourselves how, for example, the Blockchain Technology and in particular, the Bitcoin, was launched. During the financial system breakdown in the United States of America, we had banks in the midst of competition to issue mortgages to almost every American. Consequently, what happened? The price of those houses, considering the force of demand and supply, fell lower than the mortgage amount that was mortgaged in particular institutions. Therefore, this led to the collapse of the entire financial system in the United States of America. This is what these young people who are accountants, financial analysts and computer scientists wonder. How can we preserve value for assets without necessarily having to use intermediaries? This technology that we are talking about - the digital asset - is now providing that space where you no longer need an intermediary to store value for your asset consequently, reducing the fraud that occurs in that space. This technology will support development of what we call smart contracts, which are self-executing contracts with the terms of the agreement directly written into a code. Smart contracts can automate various financial processes and reduce the need for manual intervention and minimise the risk of human error. As we style ourselves as a Silicon Valley, we need to enable this framework and this is our opportunity. One of the issues that we see in matters of litigation across the country, is in terms of contracts that have not been honoured. Using this technology, we can have smart contracts that get to mature and whatever is supposed to be executed, is executed through technology without having to have any human intervention. Therefore, this will even reduce the litigation that goes in our court systems for unhonoured contract. I do not want to belabour the point anymore but let me underscore that the potential for innovation in Blockchain Technology is vast and will create immense opportunities for our economy, including creation of jobs. As technology continues to evolve, new applications and use cases are emerging. For example, the integration of Blockchain with other technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) are creating new opportunities for financial innovation, and as a nation we should not be left behind. This framework landscape for Blockchain and virtual assets is evolving. Governments and regulatory bodies are increasingly recognising the potential use of these technologies. In Africa, as I said, we will be the fourth nation to pass this law and I call upon this House to support the Bill and the amendments that this Committee is going to bring to the House. Hon. Temporary Speaker, Jamie Dimon, a Chief Executive Officer, said that the Blockchain is the financial challenge of our time. It is going to change the way our financial world operates. A few years ago, a few people sat and discussed the creation of M-Pesa. At the time, Vodafone said that it was impossible: “Everyone uses banks, relies on the banking system, and we cannot have money being transferred through mobile phones.” A few people in that room, the likes of Michael Joseph and others who improved on that technology said, “No, it is possible.” A few young Kenyans were tasked to create that platform and now, much more money is exchanged on M-Pesa than any other financial system in Kenya. Blockchain Technology, virtual assets, is the new M-Pesa. A lot of transactions globally are now not happening through the traditional banking systems, and they are not happening through 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."
}
]
}