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

comply with the general rules for conducting economic activities in Poland. If the platforms are registered in one of the EU member states, they can use the basic rules of freedom of establishment and freedom to provide services specified in the Treaty on the functioning of the European Union. They have the right to provide services and focus on the Polish market. However, if a foreign crowdfunding platform operates in a model that falls within the Polish financial regulatory framework (for example, offering financial instruments to the public), the relevant rules of Polish law will apply. If such a crowdfunding platform has the appropriate license of the EU Directive on the markets of financial instruments or MiFID in another EU member state, it is not allowed to register the license in Poland. Another country for which it is useful to analyze crowdfunding systems is Romania. Most of the existing crowdfunding platforms on the Romanian market continue to provide financing to small and medium- sized companies. In recent years, the following crowdfunding platforms have been supported in Romania: ڰ Multifinantare platform. Provides support for thorough, creative and charitable projects; ڰ AngelConnect (Venture Connect Foundation) platform. It is trying to become one of the most important business initiatives in Romania in order to expand the community of business angels; ڰ Crestem Idei platform. In recent years, it has registered only about 100 projects, about 50 of which have been funded (some of them are innovative); ڰ TechAngels platform. The goal is to promote the development of business technologies with South-Eastern Europe through investment, experience, and social connections; ڰ We are here4 and Pot si EU5 platforms. Supports social, cultural, creative, educational, and technological projects. No Romanian platform offers financing based on a lending model. Most of the Romanian crowdfunding platforms are based on a model of donations. Since December 2015, there have been no significant changes in crowdfunding legislation in Romania. The proposed draft law on the development of co-financing initiated by the Department of the business environment for small and medium-sized businesses and tourism in Romania in September 2015 has not yet been adopted. 99