Legal Problems of Crowdfunding as One of the Innovative Methods To Finance Startups in Russia

Ilya A. Goncharenko () and Ksenia Y. Novikova
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Ilya A. Goncharenko: Administrative and Financial Law Chair, International Law Faculty, Moscow State Institute of International Relations (MGIMO) Under Ministry of Foreign Affairs of the Russian Federation
Ksenia Y. Novikova: Administrative and Financial Law Chair, International Law Faculty, Moscow State Institute of International Relations (MGIMO) Under Ministry of Foreign Affairs of the Russian Federation

Public Organization Review, 2025, vol. 25, issue 3, No 19, 1215-1231

Abstract: Abstract We analyze a Federal Law No. 259-FZ dated August 2, 2019 “On attracting investments using investment platforms and on amending certain legislative acts of the Russian Federation”, which regulates investing and attracting investments using investment platforms (i.e. de facto crowdfunding platforms), and we find that current regulation of the crowdfunding in Russia covers only remuneration types of crowdfunding: crowdinvesting and crowdlending. Moreover, there is still no legal definition of crowdfunding in Russia. We suggest adopting a new general law on crowdfunding to introduce a broad definition of this term as well as other types of crowdfunding.

Keywords: Alternative financing method; Crowdfunding; Crowdinvesting; Crowdlending; Crowdfunding platform; Investment (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s11115-025-00854-9

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