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The French Minister of Economy and Finance announced that the government adopted an article on the Act on Economic Development and Transformation (PACTE) devoted to initial monetary offers. According to Finance Minister Bruno Le Maire, the French regulator of exchange markets, the AMF is now authorized to issue licenses to companies that want to raise funds through ICO, which aims to protect the interests of participants. Le Maire also hopes that the current legal framework for ICO in France will attract investors from around the world.
According to the PACTE project published by the National Assembly (lower chamber of the French parliament), before the issuance of any tokens, the company must apply for a license to AMF, giving detailed information about the offer and the issuer. These measures will provide additional guarantees to ICOs that AMF previously considered being risky. French President Emmanuel Macron is a well-known enthusiast for new innovative technologies, last year he proposed the transformation of France into a "startup nation". Later in 2018, according to Macron, Le Maire presented his draft PACTE bill, which aims to transform and innovate the French economy, and in March he stated that France is ready for the "Blockchain revolution".
This year, France also applied changes to the rules on cryptographic taxes, but in a more rigorous direction. As Cointelegraph reported in May, the French Council of State published specifications for Bitcoin taxation in France, changing tax on bitcoin transactions from progressive taxation (from 14 to 45 percent) to a fixed taxation of 19 percent.
Let's now take a look at Ethereum technical picture at the H4 time frame. The market retraced almost 61% of the precious sing up and bounced from the level of $188 towards the level of $212 at the time of writing. The momentum is still positive and strong, so the bulls might push the prices even higher towards the level of $22, which is the local swing high.
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