WORLD PRACTICE OF APPROACHES TRANSFORMATION TO THE CROWDFUNDING REGULATION
Yu.V. Kuvaeva, M.V. Chudinovskikh
Ural State Economic University, Yekaterinburg, Russian Federation
Keywords: краудфандинг, регулирование, саморегулирование, модели, пиринговое кредитование, акционерный краудфандинг, crowdfunding, regulation, self-regulation, models, peer-to-peer lending, equity crowdfunding
Abstract
The problem of financing small and medium-sized enterprises is on the current agenda of most countries in the world economy, because they provide employment, generate innovation and accelerate economic growth. The article is devoted to the analysis of the world practice of transformation of approaches to the regulation of crowdfunding. The methodological component of the work consists of general scientific and special methods including statistical and comparative analysis. The purpose of this study is to classify the main approaches to regulating crowdfunding in countries with developed economies. At the first stage, the main trends of crowdfunding and the evolution of its models in the period from 2014 to the present are considered. At the second stage, regulatory approaches to regulating crowdfunding in the United States, the EU, and the Russian Federation were investigated. The analysis identified three key approaches to regulating crowdfunding («Prohibited», «Self-regulated», and «Regulated»), and concluded that since 2020, the Russian Federation has changed its approach from «Self-regulated» to «Regulated»
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