A Comparative Study on the Regulatory Framework of Crowdfunding

Lieven De Moor, Hyonsu Kim

Research output: Contribution to journalArticlepeer-review


The whole world enters into the financial revolution called crowdfunding. The United States, Italy, the United Kingdom and Japan have already legally allowed equity crowdfunding. South Korea also enacted equity crowdfunding in July 2015 for the purpose of efficient financing for startups and SMEs. This study reviews their crowdfunding regulations in terms of offering and investment limitations, requirements for intermediaries and requirements for issuers. And then, we raise several points about Korean crowdfunding and suggest amendment of regulations to promote fund raining through crowdfunding.
Original languageEnglish
Pages (from-to)1-16
Number of pages16
JournalJournal of Small Business Innovation
Issue number1
Publication statusPublished - 2016


  • Crowdfunding, Startup, SMEs, JOBS Act, Growth Decree 2.0, Financial Investment Services and Capital Markets Act


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