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{
"id": 1583362,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583362/?format=api",
"text_counter": 320,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Hon. Saney, would you like to be informed by the Chairman of the Committee?"
},
{
"id": 1583363,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583363/?format=api",
"text_counter": 321,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": " Yes. I prefer that, only that I fear being distracted in terms of continuity. I accept, Sir."
},
{
"id": 1583364,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583364/?format=api",
"text_counter": 322,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " Hon. Temporary Speaker, I would like to inform Hon. Saney. I am really liking the contribution he is making and that is the whole objective of this Bill: to regulate that particular space. When a pastoralist sells his cows and trades in these virtual assets and loses all their money and has no recourse, this Bill, once passed by this honourable House, will provide a legal framework. The pastoralist can recover their money through the measures set out in this Bill. Thank you, Hon. Temporary Speaker."
},
{
"id": 1583365,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583365/?format=api",
"text_counter": 323,
"type": "scene",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "(Hon. Ibrahim Saney spoke off the record)"
},
{
"id": 1583366,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583366/?format=api",
"text_counter": 324,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " For the interest of the Chair, does that include the volatility in the markets? The stock exchange is volatile in the sense that today the share price of a company in which you invested in the USA or the UK could drop tomorrow by 50 per cent. Does that cover you against that volatility? Will the provisions in the piece of legislation we are making right now cover those market dynamics?"
},
{
"id": 1583367,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583367/?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": 1583368,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583368/?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": 1583369,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583369/?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": 1583370,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583370/?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": 1583371,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583371/?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."
}
]
}