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

greater guarantees from business entities, and potential investors are becoming more cautious. According to the National Association of small businesses (USA), more than 2/3, namely 69% of small businesses use credit financing, including loans, credit cards, venture capital, etc. The remaining companies, i.e. 31%, are not able to get adequate financing. In our opinion, the use of various types of crowdfunding will allow such enterprises to attract the necessary financial resources. The shadowing of the economy in general and the financial sector , in particular, is an important aspect of the development of crowdfunding. The shadow economy is known by its various names, such as «hidden economy», «grey economy», «black economy», «cash or informal economy». All these synonyms refer to some aspect of the shadow economy. However, on the one hand, the economy with a high level of shadowing has a significant potential for project financing, because a significant share of the population's savings is not involved in the financial market and is inactive. On the other hand, there is a risk of «money laundering». This negative aspect, which may relate to crowdfunding activities, will be investigated in Chapter 3 of the monograph. The level of income of the population is an important factor affecting the state and development of crowdfunding activities. However, this factor can be considered a derivative, because it is significantly affected by the state of economic development of the country, the state, and features of the banking system, and the shadowing of the economy. The income of the population does not mean only wages because, in addition to wages, income includes interest on deposits, investment income, profit distribution, and so on. The income level shows the potential of the population to participate in crowdfunding projects as contributors. This is confirmed by the fact that crowdfunding is already actively used in all high-income countries. The availability and quality of regulatory support for financial activities are one of the most important factors that affect not only the formation of crowdfunding activities but also its quantitative and qualitative indicators. Legislation regulating all aspects of crowdfunding activities introduced on time became the basis and guarantee of crowdfunding development in the USA, Great Britain, Germany, the Netherlands, and other countries. Innovation infrastructure is important in the context of the development of crowdfunding activities because the main recipients of 25