Abstract
The conditions, promoting active development of crowdfunding market through which the so-called “alternative financing” is implemented, have been created in the global economy in the last few years. The article discusses the transformation experience of crowdfunding model types during the period from 2014, describes the existing regimes of legal regulation of crowdfunding in worldwide practice. Special attention is given to the description of Russian legal initiative aimed at the implementation of crowd-technologies in the investment activities. The authors identified three approaches to the crowdfunding regulation: prohibited, self-regulated and regulated. The Russian approach was changed from self-regulated to regulated with the entry into force of new laws from January 1, 2020. In Republic of Belarus crowdfunding is still self-regulated. Crowdfunding is considered by the authors as a promising financial technology that contributes to sustainable development and economic growth.
Highlights
The 2015 UN Summit on Sustainable Development resulted in the formulation of 17 sustainable development goals, among which economists pay particular attention to two areas: “promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all” and “building solid infrastructure, promoting inclusive and sustainable industrialization and innovation"
Crowdfunding is considered by the authors as a promising financial technology that contributes to sustainable development and economic growth
As a result of the IT introduction, the possibility of direct communication between participants in economic processes significantly increases, which led to the creation of a crowd economy a system of economic processes formed by a mass of ordinary players, identical in a set of rights and opportunities of players in economic relations
Summary
The 2015 UN Summit on Sustainable Development resulted in the formulation of 17 sustainable development goals, among which economists pay particular attention to two areas: “promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all” and “building solid infrastructure, promoting inclusive and sustainable industrialization and innovation". These goals are a kind of call into action, which can be realized by modern tools of the digital economy. Comparative analysis of the crowdfunding regulation can help to reveal gaps in regulatory framework
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