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{
"id": 1583352,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583352/?format=api",
"text_counter": 310,
"type": "speech",
"speaker_name": "The Temporary Speaker (Hon. Farah Maalim)",
"speaker_title": "",
"speaker": null,
"content": "Hon. Pukose."
},
{
"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."
},
{
"id": 1583354,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583354/?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": 1583355,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583355/?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": 1583356,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583356/?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."
},
{
"id": 1583357,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583357/?format=api",
"text_counter": 315,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": "Assets based on perceived value have their challenges. I am a pastoralist. We do not have credit balances in conventional accounts. Our wealth is on the hooves, in the number of cows and camels we have. When you expose us to another world, another economy where wealth is thought of in billions, which is abstract to us, there will be a serious gap. This is a pastoralist participating in cryptocurrency in a digital world. However, if well implemented, and if the pastoralist community is brought up to speed through capacity building, it can offer serious benefits and help manage the risks. We have been solely dependent on one mainstream livelihood: livestock keeping. I am sure that with this, we will diversify our economy as pastoralists. We will be able to access markets in a unique way, if only the educational gap is addressed. We are talking about accessing markets beyond livestock markets and accessing digital financial services. Already, pastoralists use mobile money services such as M-Pesa on their small phones, which act as a form of saving. When they lose livestock, they at least have some money in their M- Pesa accounts. If this is well done, we will take it a notch higher. Pastoralists will be able to access insurance products on digital platforms, if properly done."
},
{
"id": 1583358,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583358/?format=api",
"text_counter": 316,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": "The compound effect of this is that we will be able to mitigate the impacts of drought, diseases and cushion livestock from market fluctuations. However, if implemented, this issue is laden with bigger risks. As I said, I am a pastoralist. I live in a physical world where I want to feel my asset. This is my camel or my cow, and I enumerate them by number but here we 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": 1583359,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583359/?format=api",
"text_counter": 317,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": "are talking about billions, colossal amounts of wealth, that are not visible to us. One of the key risks is volatility in value. Today, you may be told your asset is worth Ksh1 billion. An hour later, things change. When you talk about assets with regulated volatility, you begin to question the value of your asset. Is it worth investing in such a volatile business? Security is another issue. There is so much vulnerability. Regulating it is cumbersome and very expensive. As a country, are we truly prepared at that level, in terms of ICT knowledge, to ensure security? Can we ensure that security risks are managed and controlled?"
},
{
"id": 1583360,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583360/?format=api",
"text_counter": 318,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": "Hon. Temporary Speaker, then there is the theft of keys or what they call passwords. These can be hacked or stolen. For instance, you sell all your camels, invest in the digital economy, and the next day you are told your keys have been stolen and all your assets are gone. You have to start from scratch. We have that challenge. There is also the issue of fraud. Some countries are too advanced that they can transfer all your money from your account to theirs. Fraudsters and scammers must be dealt with in a serious way. There is also the issue of illicit activities. We used to talk about money laundering to finance terrorism."
},
{
"id": 1583361,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583361/?format=api",
"text_counter": 319,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " On a point of information, Hon. Temporary Speaker."
}
]
}