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

invest in a company and get a fixed return over a set period of time. In this case, the initial investment is returned at the end of the specified duration. Mini-bonds, unlike bonds, cannot be traded on the stock market. Thus, investors are blocked until the deadline for fulfilling obligations on the bonds comes, even if the firm gets into a difficult financial situation. The regulatory requirements in the Czech Republic are much less stringent for mini-bonds than for market-quoted bonds. This is positive for the companies that issue them, as it reduces the number of required documents and reduces the difficulties of working with banks. According to Czech law, the provision of money by individuals to companies or for a project in exchange for repayment of credit and interest is an unregulated activity. Despite the fact that money will be disbursed via an online crowdfunding platform, there are no regulatory requirements under the banking law in the Czech Republic. However, general civil and commercial lending rules must be observed. The most important thing is that a crowdfunding platform must obtain a trading license in order to be able to carry out lending and borrowing. Crowdfunding based on donations or rewards remains the most successful in the Czech Republic. As in other countries, where crowdfunding is just appearing, the most numerous projects are social and cultural ones, and startups and innovative projects occupy a minority. Today, there are about 10 such platforms in this country. Existing legislation in the Czech Republic requires a significant level of investor protection, which may limit the viability of small investments. Administrative requirements applied to the equity crowdfunding model often involve numerous documentary statements and forms without the ability to perform such steps electronically, which is contrary to the nature of online crowdfunding operations. So, in the Czech Republic, crowdfunding platforms most often have such regulatory barriers: ڰ no corresponding exemption from the requirements of a license or simplified license under the capital markets act; ڰ no corresponding exemption from licensing requirements under the law on management companies and investment funds. Another example of building the Ukrainian concept of crowdfunding regulation is Poland. This country has not yet adopted any regulations that specifically address crowdfunding or any of its models. In 2014 the Polish government published its position on crowdfunding and its potential regulation in the future: 97