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{
"id": 1583002,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583002/?format=api",
"text_counter": 325,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " Hon. Temporary Speaker, one of the things that affect the volatility is facts like what we call insider trading, which has strictly been prohibited by this. We have also provided for fiat-based digital currencies, where that virtual asset is backed up by a physical asset. Therefore, that volatility is controlled in that sense. Some technologies, for example, allow that once you buy a stable coin, you are given a key to keep it in a safe somewhere and you can use it later. We have put enough measures to make sure that those fluctuations in prices and vulnerabilities can be taken care of by preventing 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": 1583003,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583003/?format=api",
"text_counter": 326,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "insider trading, recognising stable currencies now and having a fiat-based virtual asset and physical asset-backed digital assets."
},
{
"id": 1583004,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583004/?format=api",
"text_counter": 327,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": " Hon. Temporary, from the beginning, I have appreciated the novel thinking that went into this Bill. However, what I am questioning is the timing and practicality. I represent the owners of livestock. I am a camel herder myself, and I also keep cows and goats. How do we interface the pastoralist economy with this digital economy? That is my concern. All I have been proposing are the inherent risks that may kill this wonderful idea if they are not addressed. Knowledge gap is another issue. Forget about the pastoralists, 80 per cent of the common Kenyan, the hustler, needs to understand this before we even talk about the asset. I am afraid we are developing a Bill for a monopoly, for one or two providers, which is a kind of monopoly similar to what we had with the Kenya Posts and Telecommunications Corporation (KPTC). We are better off now because we have Safaricom and other companies these days. It is like people sitting down and trying to come up with a Bill that only benefits one or two entities. I am sorry that my time is up. Lastly, there is lack of traditional investor protection. Initially, we used to have collateral and other things. Even insurance companies will be at pain to cover this kind of business. Therefore, if those challenges are addressed, if our concerns from a pastoralist’s eye can be handled, the idea is good and progressive, but it may die because of practicality. I reluctantly support."
},
{
"id": 1583005,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583005/?format=api",
"text_counter": 328,
"type": "speech",
"speaker_name": "Nominated, ODM",
"speaker_title": "Hon. Irene Mayaka",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. I stand to support the Virtual Assets Service Providers Bill (National Assembly Bill No.15 of 2025). I am elated that we finally have this Bill in place. The Chairperson of the Departmental Committee on Finance and National Planning will remember that earlier last year, I sought a statement on recognition of cryptocurrency as a legal tender in this country. This Bill is important because it not only covers cryptocurrency but all other virtual assets, including gaming tokens, governance tokens, and non-fungible tokens (NFTs) which are quite popular."
},
{
"id": 1583006,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583006/?format=api",
"text_counter": 329,
"type": "speech",
"speaker_name": "Nominated, ODM",
"speaker_title": "Hon. Irene Mayaka",
"speaker": null,
"content": "I want to make a comment particularly to the Member who just spoke. If you compare virtual assets and the direction the world is taking, in some countries people are buying air tickets with cryptocurrencies and other tokens. It does not mean you cannot convert your traditional assets into cryptocurrencies or virtual assets space. As a country, we should not be averse to new things and innovations. Rather, we should embrace them. What we are doing is creating a safe space."
},
{
"id": 1583007,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583007/?format=api",
"text_counter": 330,
"type": "speech",
"speaker_name": "Nominated, ODM",
"speaker_title": "Hon. Irene Mayaka",
"speaker": null,
"content": "As many Members have already noted, Kenya is currently a hotspot in terms of virtual assets. It is ranked fourth amongst African countries trading in this space. Many Kenyans are trading in virtual assets. The 2024 CBK survey shows that a third of banks, especially those in the top tier, are ready for this activity. The only thing they require is a legal framework to operate within. Also, the 2024 chain analysis report ranks Kenya among the 21 out of 155 countries ready to adopt virtual assets."
},
{
"id": 1583008,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583008/?format=api",
"text_counter": 331,
"type": "speech",
"speaker_name": "Nominated, ODM",
"speaker_title": "Hon. Irene Mayaka",
"speaker": null,
"content": "Looking at the specifics of this Bill, it seeks to prevent money laundering, terrorism financing and fraud. The lack of a legal framework has made many people averse to this space. This Bill will address that. Part II of the Bill speaks about designation of regulatory 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": 1583009,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583009/?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."
},
{
"id": 1583010,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583010/?format=api",
"text_counter": 333,
"type": "speech",
"speaker_name": "Nominated, ODM",
"speaker_title": "Hon. Irene Mayaka",
"speaker": null,
"content": "I want to echo what Hon. Millie has said before. This Parliament has passed several legacy laws not only for the present but also for the future. This Bill is particularly important not only for regulation but also for investor protection. We are not only looking at suppliers of virtual assets but also users of the assets. Again, in client asset segregation, when you are choosing to invest or save in a particular environment, it is always advisable to invest and save in different environments. As I conclude, I have seen and taken note of the public participation concerns and suggestions that were given by nine different organisations that submitted structured memoranda to the Committee. It is very helpful information. I have also noted that the Committee has taken them up to be included in the amendments. I join the Hon. Pukose in talking about the Virtual Assets Authority. I feel this is a very important aspect that will need another law to be put in place. This will enable us to give the required authority regulators to assist and strengthen this noble idea. For me, what is most important is having a sandbox policy, for example, the CMA has a policy on sandbox regulation. Sandbox regulation assists in having a live test environment to test any new innovations and technology in whichever space for virtual or traditional assets. What is going to be very important, and I hope the Chairman of the Departmental Committee on Finance and National Planning is listening to this, is that when we come up with the Virtual Assets Authority, we should include the sandbox regulation so that it can have the required strength. Hon. Temporary Speaker, I am thankful to the Committee for bringing this very important Bill to the House. I hope Hon. Members will support and pass it. With those few remarks, I support. Thank you."
},
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"id": 1583011,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583011/?format=api",
"text_counter": 334,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Hon. Keynan followed by Hon. Esther Passaris."
}
]
}