CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

directly in an investment fund, without contacting the platform operators for an interim transfer. General features and characteristics of government regulation in the analyzed three countries are shown in Table 3.1. Table 3.1 Key characteristics of state regulation of crowdfunding in the Czech Republic, Poland and Romania Features Czech Republic Poland Romania Need to register a crowdfunding platform with government bodies + + + Need to obtain a Central Bank license + + – Existence of a crowdfunding platform based on non-financial remuneration + + + Existence of a crowdfunding platform based on remuneration in the form of shares + + + Existence of crowdfunding platforms offering crowdlending + + – Availability of the maximum amount of capital raised using the crowdfunding platform + + + Existence of national laws governing crowdfunding + – – The application of the European directives and laws for the regulation of crowdfunding + + + Note: compiled by the authors based on (Hemer, 2011; Lin et al., 2013; L'Institut Think; Raymond, 2015; Sadzius, 2017) 101