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

to ɪ eer-2- ɪ eer lending (consumer and business), 14.8% belongs to equity crowdfunding, and 10% to crowdfunding based on non-financial remuneration. Fig 2.10. The structure of crowdfunding activities in Germany, 2016 Note: formed by the authors based on sources (Statista; ɍɝɨɥɶɤɨɜɚ , Ɏɟɳɭɪ , Ʉɭɡɶɦɿɧ and ɋɤɢɛɿɧɫɶɤɢɣ , 2017) In the German crowdinvesting market, several cases have already been registered where investors have lost all funds invested in crowdinvesting projects. In particular, we are talking about an investment in the company Prokon — it is a developer of clean energy, which attracted almost 1.4 billion euros through crowdfunding with the support of 75 thousand small investors. Later, this company was declared bankrupt and all invested funds just «burned». According to investors, Proton representatives promised them high returns, while forgetting to report a high degree of risk ( ɒɜɚɥɶɰ , 2014; ɍɝɨɥɶɤɨɜɚ , Ɏɟɳɭɪ , Ʉɭɡɶɦɿɧ ɬɚ ɋɤɢɛɿɧɫɶɤɢɣ , 2017). A published study of the German crowdfunding market, conducted by three scientists in the country, describes 21 cases of such failure to fulfill their obligations. However, the case of the company Proton forced the country's legislative bodies to pay attention to the development of Other types of crowdfunding 7% Joint-stock crowdfunding 15% Crowdfunding based on non- finacial remuneration 10% Crowdfunding without remuneration 5% P-2-P consumer lending 56% P-2-P business lending 7% Other 63% 70