ЦИФРОВЕ ЗАЛУЧЕННЯ КАПІТАЛУ: МОЖЛИВОСТІ, ВИКЛИКИ ТА ГЛОБАЛЬНІ ТЕНДЕНЦІЇ

Abstract

The article examines the formation and development of the global digital capital raising market, elucidating the historical emergence and evolution of the market. It identifies that the transition from traditional financial intermediation to digital forms was bolstered by rapid technological progress, notably the widespread adoption of the Internet and the proliferation of digital technologies. These advances collectively facilitated the creation of a new ecosystem for capital mobilization. The essence and structure of the digital capital raising market are defined, encompassing crowdfunding, crowd investing, crowd lending, and marketplace lending. Digital capital raising encompasses digital financial services for business clients and private borrowers. The development of the digital capital raising market globally is analyzed, revealing significant growth in recent years. A substantial regional development disparity is observed, with the highest transaction volumes in the USA and the lowest in African countries. There are also notable differences in the average amounts of funding per campaign in digital capital raising, with the highest in America and the lowest in Asian countries. Differences in the regulatory policies of countries regarding digital capital raising are examined. Challenges that need to be overcome for effective digital capital attraction are identified. Regulatory uncertainty remains a significant barrier as policymakers grapple with the need to protect investors while fostering innovation. Volatility and security issues associated with digital assets, such as cryptocurrencies, also pose risks to investors and could hinder their broader application. The article outlines prospective development vectors for the digital capital raising market. The interaction between technological innovations, regulatory adaptation, and market dynamics will determine the growth trajectory in this sector. The global and decentralized nature of digital capital markets requires international cooperation and the harmonization of regulatory standards to mitigate risks and promote a stable and inclusive financial ecosystem. Keywords: digital capital raising, innovation, financial technologies, digitalization, global financial market, online platforms, crowdfunding, blockchain, cybersecurity.