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

A key aspect of the concept of state regulation of crowdfunding systems is an adequate and favorable regulatory framework in the country. Only if stimulating legislation is implemented on time, crowdfunding activities can develop. The USA is again the leader in this area. This country has recognized crowdfunding as a way to finance entrepreneurial projects a long time ago. Significant amounts of crowdfunding initiated the appearance of the Jumpstart Our Business Startups Act (JOBS Act). This law was passed by former US President B. Obama. Prior to this law, there was often a conflict in the US between the application of crowdinvesting and existing US securities laws. Therefore, in order to be able to raise money legally in the United States, it was necessary to make changes to the current laws about securities. JOBS Act has dramatically changed the landscape for many companies raising capital. One of the most interesting aspects is that it allows entrepreneurs and small business owners in the US to sell a limited share of their company's equity to a large number of investors via social networks and various Internet platforms. The law tries to free crowdfunding operations from expensive registration requirements because under this law, crowdfunding Internet platforms were classified as brokers, which required significant costs when registering project authors on such sites. The existence of the JOBS Act opens up opportunities for financing a large number of underfunded entrepreneurs and small businesses. It can also provide investors with new ways to diversify their portfolios. Considering the experience of regulating crowdfunding in the Netherlands is also important, because this country has a significant amount of funding, especially given the small number of its population. It is interesting that in this country there is still no official definition of the concept of «crowdfunding», but there is legislation that regulates such activities. At the same time, the legal framework for crowdfunding in the Netherlands should be divided into the following three categories: ڰ crowdinvesting regulation; ڰ crowdlending regulation; ڰ regulation of crowdfunding with or without non-financial remuneration. Crowdinvesting represents only 3.3% of the total amount funded by crowdfunding in the Netherlands. It aims to reward contributors with share certificates. Such certifica tes are regularly issued to investors as an alternative to traditional shares. Their main advantages are the following: 94