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

Ukrainian projects collect significant amounts, but only those that are registered by Ukrainian compatriots on international, not on Ukrainian crowdfunding platforms such as Kickstarter, Indiegogo, Crowdcube, Crowdfunder, Kisskissbankbank, Ulule, and others. Of course, the volume of crowdfunding operations in Ukraine and other countries of the world, Europe or America differs significantly. However, given the negative state of Ukrainian confidence in financial institutions and instruments in general, this situation is expected. Crowdfunding is only starting gaining popularity in Ukraine. The existing volumes of Ukrainian crowdfunding show a significant potential for the development of this tool for the state. Using the example of a successful crowdfunding platform Spilnokosht, we can explore the geography of crowdfunding in Ukraine and draw certain conclusions. So, the most active regions in terms of the number of projects and the number of contributors are Kyiv, Lviv, Kharkiv, Ivano- Frankivsk, Cherkasy, and Dnipro. The least involved in the implementation and support of crowdfunding projects are residents of the Transcarpathian, Chernihiv, and Kherson regions. According to O. Marchenko ( Ɇɚɪɱɟɧɤɨ , 2014), one of the indicators based on which it is possible to predict the level of demand for household micro-investments in the crowdfunding system, there is data on the volume of demand for investment in startups. So, in 2013, only Kyiiv startups (70% of Ukrainian startups) attracted more than 45 million dollars investments. At the same time, Kyiv startups on the crowdfunding platform Kickstarter raised about 390 thousand dollars. In Ukraine, the financial market's instrumental capacity to provide investment and household savings is very limited. The main instruments are deposits and securities. Dynamic of household deposits in Ukraine is shown in Table 2.6. As can be seen from Table 2.6, the growth rate of household deposits in Ukraine at the end of December 2017 was 10.2% on an annual basis. In 2016, there was a noticeable reduction in the volume of deposits for up to one year and more than two years. We believe that the reason for this situation was that the population preferred to use cash rather than current deposits. The decrease in the number of deposit accounts for more than two years was due to the low level of public confidence in the financial system of Ukraine. Some of these deposits were converted into one-year deposits or cash. 77