International Experience in Implementing Financial Technologies in the Development of Crowdfunding Platforms (American Journal of Economics and Business Management)

Summary

• The global crowdfunding market is estimated at $17.33 billion in 2024 and is projected to reach $35.55 billion by 2031.p.1
• The industry's expansion represents a projected compound annual growth rate (CAGR) of 10.9%.p.1
• In 2025, Kickstarter announced plans to build a decentralized platform version utilizing the carbon-neutral Celo blockchain.p.2
• The European Union's Regulation on European Crowdfunding Service Providers (ECSPR) entered into force in 2024 as an approximately 150-page framework.p.3
• A EUROCROWD 2025 study revealed that the average platform compliance rate under the ECSPR was 5 out of 10.p.3
• In 2019, the Astana International Financial Center introduced the first specialized regulatory regime for credit and investment crowdfunding in Central Asia.p.3

Key insights

1. Machine learning algorithms and non-conventional data enhance standard credit scoring systems in crowdlending.p.2
2. Asset tokenization and blockchain integration create secondary market liquidity for previously difficult-to-sell equity shares.p.2
3. Kickstarter aims to open its decentralized platform architecture on the Celo blockchain for use by competitors and external market participants.p.2
4. Bags.fm won the 2026 FinTech Breakthrough Award in the Innovation in Crowdfunding category for its tokenized model.p.2
5. US Regulation Crowdfunding rules limit access for international startups by restricting federal investment crowdfunding to domestic entities.p.3
6. UK regulators blocked a proposed merger between Crowdcube and Seedrs to prevent reduced competition in alternative finance.p.3
7. Singapore regulates investment crowdfunding via Capital Markets Licenses issued by the MAS, leveraging the Variable Capital Company fund structure.p.3
8. Developing economies need foundational infrastructure including digital identification, open banking APIs, and legal frameworks for alternative credit data.p.4