HTTP 200 OK
Allow: GET, POST, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept
{
"count": 1565206,
"next": "https://info.mzalendo.com/api/v0.1/hansard/entries/?format=api&page=156519",
"previous": "https://info.mzalendo.com/api/v0.1/hansard/entries/?format=api&page=156517",
"results": [
{
"id": 1583372,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583372/?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": 1583373,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583373/?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": 1583374,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583374/?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": 1583375,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583375/?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."
},
{
"id": 1583376,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583376/?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."
},
{
"id": 1583377,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583377/?format=api",
"text_counter": 335,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. As I reflected on what to say on this very important Bill generated by my former Committee, I went back to my dictionary and looked at Maslow's Hierarchy of Needs. In that particular diagram, the highest level is self-actualisation. In the Kenyan context today, Hon. Temporary Speaker, you and I are still struggling even to define the traditional financial system dominated by fiat currencies. But for other Kenyans, by the grace of our democracy, have moved ahead. I just want to look at the structure of the Kenyan society, the kind of representation and face that we have. 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": 1583378,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583378/?format=api",
"text_counter": 336,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": null,
"content": "Right now, we have moved from the traditional financial asset system dominated by fiat currencies to this virtual asset system that will be dominated by cryptocurrencies, non- tangible tokens, gaming tokens, government tokens and many other activities that are Greek to you and me, who represent a traditional society. This is very good and progressive. However equally, we must also be very careful not to ape what other people have done. We must legislate to conform to the societal needs of the people we represent. That is critical because that is the work of a legislator. I appreciate my young brother here, Hon. Kimani, my former Chairman. He is one astute sharpshooter financial expert. But reflecting on Maslow's Hierarchy of Needs, we are in a completely different world. So, I am conflicted. Should I legislate for the good people of Eldas and bring them to the level of the other Kenyan society? That is why the framers of the current Constitution put an article called Equalisation. Equalisation is doomed and we know it. It has been wasted by groups who have never been sympathetic. When I look at this concept, I find it very good. It will bring about decentralisation and stock market transaction; it will bring about transparency and pseudo-anonymity, where you hide your identity. For example, Farah Maalim will be trending, but nobody will know, and Farah Maalim will be dominating the virtual assets market, but nobody will know. Nobody can see your identity. This is good for protection. However, it can also bring about serious volatility because you do not know the dynamics and you are not in charge. Hon. Temporary Speaker, as we go through this Bill, we also need to look at the regulatory aspects. We have invoked the CMA. I took a bit of time to look at their roles and that of the CBK. They have completely different functions. For avoidance of doubt, the role of CBK is to: 1. Formulate and implement monetary policies. 2. Manage national currency. 3. Supervise and regulate financial systems. 4. Act as a banker of the national Government. 5. Promote financial stability. The role of CMA is to license and supervise market intermediaries that are the different players within the financial system, in their competition, regulatory framework and models of branding. They also look at and promote market products. That is why people compete for a viable, predictable and well-regulated capital market. They also protect investors who trade in bonds and stocks. Having reflected on this Bill, I am persuaded that the right regulatory framework is neither CBK nor CMA. We need to have another agency because we will be trading at another level, where maybe our grandchildren only understand. I will take a bit of time to understand this. Actually, one of my children is a fervent trader of virtual assets. He gives me lectures sometimes. I am still hesitant to adopt this practice because I am not sure. I am a camel herder like Hon. Saney. I value my stock in the number of camels that I have. The Kenyan currency is just a new phenomenon. You have moved me to another level of cryptocurrency, yet I represent people. This must be put into perspective. My able Chairperson has done a bit of public participation, but he still needs to do more that will involve the Members of Parliament that will take us to the level that you are, so that we also appreciate it. Equally, this country is not short of legislation. Go anywhere in 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": 1583379,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583379/?format=api",
"text_counter": 337,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": null,
"content": "the world like Japan. The spatial system for Tokyo is borrowed from Kenya. It is the same in Jakarta and London, yet we do not apply the same here. We are very good in book-worming and legislating. However, when it comes to the actual implementation, we degenerate. This Bill is good. Can we dissect it further so that we do not just legislate for a clique of the super- rich whose richness can also be questioned? You know them."
},
{
"id": 1583380,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583380/?format=api",
"text_counter": 338,
"type": "scene",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "(Applause)"
},
{
"id": 1583381,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583381/?format=api",
"text_counter": 339,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": null,
"content": "If we ask them to account for their wealth, very few of them can do it, yet they remain a critical component of the society. That is why we are not developing. The Bill is too generous. In legislation, we must be very careful to legislate for a particular short-term phenomenon. The rich want to circumvent the due process which is clearly established by the existing institutional framework. Any Bill that touches on the financial system of a country must be security tight and properly moderated because a small mistake can cause financial havoc. Without this, the next things are inflation, high cost of living and unpredictable financial consequences. That is why we must be very careful. These are the bits I have borrowed from this book. I am going to subject this Bill, and the different contexts therein, to one critical consultant, who is also a friend of my former able Chairman. He will look at it further and see the amendments that we can introduce so that the Bill becomes beneficial for everybody. The most developed economies, like America, are struggling to define cryptocurrency. I have followed the debate in Turkey. Turkey is the seventeenth-largest economy in the world. They are yet to find a description of whether it is legal, financial or political. Chairman, and good Committee Members, this is a good first step. Can you now begin thinking about the other aspects of this Bill, so that we do not draw our country into a global phenomenon, for which we are not properly prepared? Finally, our work is to legislate. We are leading a struggling community. The Kenyan community is struggling right now. They are overburdened by circumstances beyond their control, and you know it. And we are their representatives. Everything that we do must consider their well-being. Their well-being is about basic needs and how to overcome the day-to-day struggles. Their basic needs include how to take their children to school, access decent transport, and obtain decent shelter. All these matters must be part of our collective legislative framework. Broadly speaking, I support. Specifically speaking, there is need for further research. Thank you."
}
]
}