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

crowdfunding operations per resident. In the Netherlands, the beginning of crowdfunding is associated with the creation of the Sellaband crowdfunding platform in 2006. In 2010, several P-2-P business platforms were launched, and in 2011, the first platform that was engaged in equity crowdfunding was created. Note that P-2-P business lending accounts for the largest share of crowdfunding operations in the Netherlands market. In 2016, more than 150 million euros were accumulated by crowdfunding in the Netherlands. The regulatory framework for crowdfunding in this country is one of the best in the world, but despite this, the government is constantly making changes. For example, in 2016, the government introduced amendments regulating the existence of joint- stock crowdfunding to promote further industrial growth and improve access to finance small and medium-sized businesses ( ɍɝɨɥɶɤɨɜɚ , Ɏɟɳɭɪ , Ʉɭɡɶɦɿɧ and ɋɤɢɛɿɧɫɶɤɢɣ , 2017). Thanks to the popularity of crowdfunding activities in the Netherlands, it was possible to accumulate considerable funds for the implementation of social projects. Thus, according to official data, 11.5 million euros was raised for the implementation of energy-saving projects through Dutch crowdfunding platforms (10% of the total market). Peerby, a company that develops environmental applications, managed to raise more than 2 million euros through the crowdfunding platform Oneplanetcrowd. According to one of the experts of the crowdfunding platform Crowdfundinghub K. Rodinka, one of the future events will be the unification of banks and crowdfunding platforms, because the real economy will get an incentive if the banking and alternative financial industries will take the next steps in the direction of combining new and traditional financial instruments (Hollandtradeandinvest.com, 2016). The volume of crowdfunding, crowdlending, and crowdinvesting in the Netherlands showed significant growth: by 31% in 2017 compared to 2016. 223 million euros were accumulated through crowdfunding platforms in the Netherlands in 2017, with the help of which more than 5,300 projects were funded (according to the CrowdfundingCijfers.nl analysis). Environmental and green energy projects occupy an important place in the structure of crowdfunding projects in the Netherlands. A significant number of non-profit organizations have turned to crowdfunding platforms, as individual contributions or bank loans are more difficult to obtain. Real estate projects have taken a prominent place in crowdinvesting operations because investors in the Netherlands have 72