Systematic and conceptual framework for crowdfunding regulation Articles uri icon



publication date

  • August 2019

start page

  • 1

end page

  • 16


  • working paper 5/2019

International Standard Serial Number (ISSN)

  • 2255-2774


  • Crowdfunding is a financial service that connects investors with businessdevelopers seeking financing through a platform. There are two forms:investment crowdfunding in the strict sense, whether equity or debt crowdfunding, and credit crowdfunding, which includes loans as the most usual model. In this paper we deal with the systematic and conceptual framework for crowdfunding regulation. We do so from a functional perspective. The form in which raising financing is implemented, whether through securities or loans, does not alter its function. Regulation of crowdfunding is guided by the same principles as the rest of financial services. Applying outmoded solutions for a market not based oncurrent technology would be a mistake. The diversity of local frameworks is giving way to a degree of confluence from which certain considerations can be extracted. Reforms are guiding the legal framework towards the same type of solutions


  • crowdfunding; fintech; mifid; platform economy; esma