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

to the proposed terms of sale or offer their own. If there is an increased demand for shares of an object, the trade on the site takes place in the form of auction. If a positive agreement is reached between the seller of an asset and its buyer, the agreement is made directly on the site, and it takes about three days to process all the securities. The Commission amount of the CFX Markets platform is 2.5% of the asset value paid by each of the parties of the agreement (Webvybory, 2016). Today the market of crowdfunding in the United States is developing at an unprecedented pace. For example, according to the results of 2014, the volume of investments in crowdfunding projects related to real estate amounted to about 1 billion dollars. Given the fact that the total value of the commercial real estate in the United States is about $7 trillion, the market for crowdfunding operations can transform into a multi-billion-dollar high-yield business in the short term (Statista). On the background of the growing demand for crowdfunding operations in the US, specialized investment funds, which invest costs of unqualified investors in innovative startups, have started to open. For example, a specialized investment fund of one of the crowdfunding platforms, eREIT, raised $2 million just in a few hours. After that, it immediately stopped accepting new applications, inviting these investors to register in the electronic queue (Webvybory, 2016; Statista). According to the World Bank report (Massolution, 2015), the share of completed projects in the field of business and entrepreneurship in the world is growing. Thus, in 2013, it accounted for 31% of the volume of all implemented projects, and in 2014 it increased by 10% (Fig 2.5). In the following years, this trend is also noticeable. Every year, the share of projects focused on business support is growing. As for the EU countries, France is one of the first to create crowdfunding platforms. Nowadays, France has about 140 platforms and ranks third in the world in terms of the number of active crowdfunding platforms and first in Europe in terms of the amount of funds accumulated through crowdfunding (Fig 2.6) ( ɍɝɨɥɶɤɨɜɚ , Ɏɟɳɭɪ , Ʉɭɡɶɦɿɧ and ɋɤɢɛɿɧɫɶɤɢɣ , 2017). In France, there is significant support for crowdfunding from the government, society, and the public. Co-founder of one of the first European crowdfunding platforms that deals with real estate, Jean-Baptiste Vaio (Weinberg, 2015) noted that the successful crowdfunding activity in France is due to the support of the government, as it contributes to the 63