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

become more confident in this financial instrument due to improved legislative regulation (Hollandtradeandinvest.com, 2016; Newmark, 2018). In 2017, successful business projects in the Netherlands received funding of 192.7 million euros or an average of 102 thousand euros per project. Art projects were funded by an average of 15,000 euros, and the total amount of funding was 14.4 million euros. Social projects that raised money for playgrounds, school initiatives, etc., received 13.1 million euros, or an average of 6 thousand euros per project. Meanwhile, 2.8 million euros were raised through crowdlending (Hollandtradeandin- vest.com , 2016; Newmark, 2018). The rapid development of crowdfunding activities in the UK was provided with active support from the government. Alternative financing has become widespread in the country thanks to the concept introduced by the Zopa platform decades ago. Crowdlending is now entering the mainstream, and crowdinvesting is becoming more popular due to new regulations that guarantee the safety of investors. In 2016, the UK Financial Services Authority has begun collecting information and suggestions on what aspects should be included in the collection of rules for investment and leveraged crowdfunding ( ɒɜɚɥɶɰ , 2015b). In 2015, about 2.7 billion pounds were invested through regulated crowdfunding platforms in the UK. To compare in 2013 this number did not exceed 500 million pounds, which indicates a rapid growth in the popularity of this method of attracting funding. The study, conducted by the University of Cambridge and EY consulting company, notes that the UK market accounted for about 75% of the total crowdfunding market during 2011–2014. This is because the crowdfunding sector is related to innovations in business models and technology platforms. A significant number of companies in the UK involved in the crowdfunding industry operate exclusively online, creating consumer- friendly platforms. In comparison, traditional financial firms have to constantly remodel their own products and processes to meet changing consumer demands ( ɑɟɩɤɨɜɚ , 2016). In 2015, there were more than 300 crowdfunding platforms in the EU, among which 127 platforms (41%) were engaged in crowdfunding with non-financial remuneration, 63 platforms (20%) allowed placing projects for crowdfunding without any remuneration, 60 platforms (19%) carried out operations with equity crowdfunding (or crowdinvesting), 52 of them (17%) were focused on crowdlending or Ɋ -2- Ɋ lending. In addition, in 73