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{
"id": 1582982,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582982/?format=api",
"text_counter": 305,
"type": "speech",
"speaker_name": "Suba North, ODM",
"speaker_title": "Hon. Millie Odhiambo-Mabona",
"speaker": null,
"content": " Thank you Hon. Temporary Speaker for giving me this opportunity to contribute to this Bill. I thank the Leader of the Majority Party for bringing this timely Bill. The Leader of the Majority Party indicated when moving the Bill that virtual assets are digital presentations of value that are capable of being traded or transferred. Because they are not physical assets, there are many issues that are likely to arise. Some of the things that Members have said is the heightened risk of money laundering, terrorist financing, fraud, market manipulation and operational and cyber security vulnerabilities. There is also the issue of lack of regulation which I am happy that with this 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": 1582983,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582983/?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…"
},
{
"id": 1582984,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582984/?format=api",
"text_counter": 307,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Like the Hon. Temporary Speaker."
},
{
"id": 1582985,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582985/?format=api",
"text_counter": 308,
"type": "speech",
"speaker_name": "Suba North, ODM",
"speaker_title": "Hon. Millie-Odhiambo Mabona",
"speaker": null,
"content": " Yes. I was forced to get a temporary new number because I could not cope. I hired a Gen Z to manage my phone and paid a monthly salary. After a month, he returned my number and told me, “you, your money and phone, I cannot deal.” Look at the case of Albert Ojwang’s father. He was talking about money disappearing. We are almost talking in the virtual space. We are not talking about hard currency. If you wanted to steal my money in the past, you needed to get a gun, get where the money was, and shoot. Since we are dealing in a different era, it becomes very easy for somebody just to know how to tweak things and steal from you. We have an amazing number of highly educated young people in Kenya. Many of them would benefit if we regularised use of virtual assets and they could work within the sector. As we move forward technologically, the challenge is that we risk leaving certain areas behind particularly rural areas like my constituency. People there have no clue what you are talking about when they hear people talking about virtual assets. We still use the hard currency. I would like to encourage the Committee to note that some of the things we are speaking to is ensuring technological equity so that we have more people engaging on these platforms and we carry everybody forward. I do not know whether the Committee has done it. I see the Virtual Asset Service Providers Bill is before us. I do not know whether the Committee considered calling it the Virtual Asset Service Providers and Users Bill. We should not only talk to providers but to users as well. You are speaking to users while talking about protecting people’s data and their virtual assets. 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": 1582986,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582986/?format=api",
"text_counter": 309,
"type": "speech",
"speaker_name": "Suba North, ODM",
"speaker_title": "Hon. Millie-Odhiambo Mabona",
"speaker": null,
"content": "I read the Bill halfway. I will propose amendments if there are any issues that I would need to look at. So far, the main concern I have identified is the need of technological equity and inclusion of users alongside providers. Otherwise, I thank the Committee. I also thank the Parliament of Kenya. Much as we are castigated many times, we are really ahead of many counterparts even across the world. I was invited to a conference in South Africa recently. They were talking about issues related to the Bill I am sponsoring. Although our Bill is still at the Committee of the whole House stage, I discovered that we are ahead of others. People are looking up to Kenya. One lady shared with me that they attempted to draft a similar Bill in Nigeria, only to realise it was my Bill word for word. In fact, they forgot until they used terminology that was clearly Kenyan. The person who was reviewing the Bill said, “This is not Nigerian. This is Kenyan”. The systems were clearly Kenyan. I laud us as the legislative arm of Government for the excellent work we do. Similarly, we encourage the Executive arm not to fail us. Implementation must be just as effective as our legislative efforts once we put this law in place. I thank the Committee. I support the Bill."
},
{
"id": 1582987,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582987/?format=api",
"text_counter": 310,
"type": "speech",
"speaker_name": "The Temporary Speaker (Hon. Farah Maalim)",
"speaker_title": "",
"speaker": null,
"content": "Hon. Pukose."
},
{
"id": 1582988,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582988/?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."
},
{
"id": 1582989,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582989/?format=api",
"text_counter": 312,
"type": "speech",
"speaker_name": "Endebess, UDA",
"speaker_title": "Hon. (Dr) Robert Pukose",
"speaker": null,
"content": "How can a Cabinet Secretary amend a schedule that has already been passed by Parliament? Any such amendment should be brought before Parliament, perhaps through a Statute Law (Miscellaneous Amendments) Bill, and not via a gazette notice. Suppose you make an amendment that will result in the loss of people’s resources? That will make the market unstable. That kind of mischief should not be included in the Bill. The Bill also touches on mitigation of risks associated with money laundering and terrorism financing. Virtual assets are not a form of money laundering. Trade in virtual assets happens in other countries. It is an internationally recognised business. Kenya is the fourth country in Africa to have a law that governs that space. We are on the right track. I urge Members to support the Committee amendments once they are brought to the House. We must pass a law that builds public confidence in trading in virtual assets. I support the Bill."
},
{
"id": 1582990,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582990/?format=api",
"text_counter": 313,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Member for Wajir North, followed by Hon. Mayaka."
},
{
"id": 1582991,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582991/?format=api",
"text_counter": 314,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. This Bill is very technical and creates challenges, both in terms of regulation and implementation. Looking at the legal aspect, our Judiciary is challenged with regard to Information Communication Technology (ICT), considering how election petitions are managed. The Bill raises similar concerns. Unless the knowledge gap in ICT improves, successful implementation and regulation of this law will be a serious challenge. We also have to deal with perception issues. Virtual assets are abstract assets whose value is represented digitally. We are talking about a very key thing, an asset whose value is digitally represented. That is a major concern. It is worse when you trade with an asset that is digitally valued and represented. I am sure that presents a serious concern and becomes an impediment to trade. We are talking about perceived value, not actual value."
}
]
}