Crowdfunding in Europe: Between Fragmentation and Harmonization

Karsten Wenzlaff (), Ana Odorović (), Tania Ziegler () and Rotem Shneor ()
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Karsten Wenzlaff: University of Hamburg, Chair Digital Markets
Ana Odorović: University of Hamburg
Tania Ziegler: University of Cambridge
Rotem Shneor: University of Agder

Chapter 16 in Advances in Crowdfunding, 2020, pp 373-390 from Springer

Abstract: Abstract The European crowdfunding market is growing rapidly, especially in continental Europe. At the same time, cross-border activities are still constrained. Fragmented markets, especially caused by differences in regulation, are an obstacle to growth of crowdfunding platforms. The European Union introduced the European Crowdfunding Service Provider (ECSP) Regime in 2019. This harmonized regime applies to crowdfunding platforms intermediating equity and debt investments between businesses and retail investors. This chapter discusses evidence on the fragmented nature of the European crowdfunding market, while presenting the ECSP directive, as a critical regulatory initiative towards harmonization in Europe, and the boosting of cross-border crowdfunding in the region.

Keywords: Europe; Reward crowdfunding; Donation crowdfunding; Equity crowdfunding; Crowdlending; Market development; Regulation; European Crowdfunding Service Provider (ECSP); France; Germany; Netherlands (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1007/978-3-030-46309-0_16

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