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

monetary resources, China, the United States, and the United Kingdom make up the three largest markets of approximately $243 billion (83%), $35 billion (12%), and $7 billion (2%) respectively. The same proportions are maintained when analyzing the number of crowdfunding platforms. It is worth noting that 38% of all crowdfunding platforms originate from developed countries and 62% — from emerging markets. However, the largest share of the emerging market is located in China and accounts for 35% of all platforms in the world. Although the rest of the developing countries account for 31% of all crowdfunding platforms globally, they provide only about 0.5% of the total amount of crowdfunding funds. It is interesting that in different regions and countries people prefer different types of crowdfunding and different types of crowdfunding platforms are functioning there. For example, in countries such as the United States, Canada, New Zealand, Australia, and the United Kingdom, crowdlending platforms and other debt-based platforms dominate. The undisputed leader in both the number and share of such platforms in the state's platform structure is China (464 platforms or 94%). Among the countries where the most popular are platforms that operate based on non-financial remuneration or without remuneration at all, there are the following: Eastern Europe countries (84% of all functioning crowdfunding platforms), Africa (64%), the Middle East (61%) and South America (56%). All this is due to the lack of trust in crowdfunding as an investment tool and people's awareness of the need to implement social, art, and cultural projects, which, unfortunately, are not supported by government agencies. A special situation is regarding platforms that specialize in equity crowdfunding. Their total share in the global volume of crowdfunding platforms is only 13%, and the leaders are such countries as the United States and the United Kingdom (31% and 27%, respectively). 2.2. Analysis of foreign experience in using crowdfunding Crowdfunding is actively developing in many countries of the world and the volume of such operations increases annually. According to a report by one of the most influential consulting firms (Massolution crowdfunding industry report, 2015), the total global amount of funds raised by crowdfunding has doubled every year since 2012. In 2015, the total monetary value of all crowdfunding operations was approximately $34 billion (Fig 2.3). 59