Crowdfunding: prospects of implementation and legal regulation in Ukraine

: 277-282
Vasyliv S., Svyshcho V. Crowdfunding: prospects of implementation and legal regulation in Ukraine.

Educational and Scientific Institute of Law, Psychology and Innovative Education Lviv Polytechnic National University
Lviv Polytechnic National University, Ukraine

The article is devoted to the issues of legal regulation of crowdfunding in Ukraine and the importance of this institution for the improvement of social and economic processes in our country.

The authors define the concept of "crowdfunding", analyze the history of its emergence as a phenomenon, as well as the prospects for the implementation and regulatory regulation of this institution.

The article analyzes the mechanism of using crowdfunding, the procedure for financing projects, the concept of a crowdfunding platform, the procedure for attracting funds by the project author and the conditions under which such funds can be received by project developers.

The authors of the article emphasize that the phenomenon of crowdfunding in Ukraine exists outside the boundaries of legal definitions, and although the concept of crowdfunding has not yet been defined at the legislative level, some work is already underway to draft a special law that should regulate the main concepts and processes in the field of crowdfunding. The term "crowdfunding" is used and referred to in regulatory acts as an existing "de facto" legal institution.

The article notes that the development of crowdfunding as a new tool for financing startup projects is relevant, because in Ukraine, as in the whole world, this method is gaining more and more practical popularity. Such a phenomenon as "crowdfunding" opens up a new range of possibilities, and people can contribute to the common future not only by implementing their ideas, but also by personally supporting various creatines and interesting projects, in particular, those related to ecology, social and cultural projects, projects in the field of education and science, etc.

An important issue is the availability of a special regulatory act that will regulate crowdfunding activities, define terminology and give the public an impetus to collect and direct funds for environmental protection. Comparing crowdfunding with one of the currently existing contractual institutions in Ukraine seems incorrect, and therefore we believe that it should be accepted as a legal amendment. Only a special law and amendments to the relevant regulatory acts will be able to fully regulate the institution of crowdfunding in Ukraine.

1. Finansuvannia ekolohichnykh proiektiv shliakhom kraudfandynhu: pravovi aspekty ta praktyka zastosuvannia. (2020) [Financing environmental projects through crowdfunding: legal aspects and application practice] Lviv: Vydavnytstvo «Kompaniia Manuskrypt». 2020. 108 p. [in Ukrainian]

2. Minkovych V.T., Svadeba V.V. (2021) Osoblyvostikraudfandynhu yak suchasnoho metodu finansuvanniainvestytsiinykh proektiv. [Peculiarities of crowdfunding as a modern method of financing investment projects] Naukovyi visnyk Uzhhorodskoho Universytetu. №1 (57). 2021. p.127-133. [in Ukrainian]

3. Ofitsiinyi sait Svitovoho banku.[The official website of the World Bank] Retrieved from: (Accessed:  15.08.2022).

4. Vasyliev O. V., Matiushchenko S. S. (2016) Kraudfandynh – suchasnyi instrument finansuvannia rozvytku intelektualnoho kapitalu. [Crowdfunding is a modern tool for financing the development of intellectual capital] Investytsii: praktyka ta dosvid.№ 18. 2016. p.36-40. [in Ukrainian]

5. Hvozd M.Ia., Bondarenko Yu.H., Kulyniak I.Ia. (2020) Kraudfandynh yak instrument zaluchennia koshtiv dlia finansuvannia startap-proektiv: analiz zarubizhnoho ta vitchyznianoho dosvidu. [Crowdfunding as a tool for attracting funds for financing startup projects: analysis of foreign and domestic experience] Ekonomika ta upravlinnia pidpryiemstvamy.№ 43. 2020. p.131-136. [in Ukrainian]

6. Kraudfandynhova platforma Biggggidea (Velyka Ideia) «Spilnokosht». [Kraudfandynhova platforma Biggggidea (Velyka Ideia) «Spilnokosht»] Retrieved from: (Accessed:  15.08.2022).

7. Pro blahodiinu diialnist ta blahodiini orhanizatsii: Zakon Ukrainy [Pro blahodiinu diialnist ta blahodiini orhanizatsii: Zakon Ukrainy] vid 05.07.2012 r. Retrieved from: (Accessed: 15.08.2022).

8. Shumilo O. Pravovi aspekty ekolohichnoho kraudfandynhu: zastosuvannia kryptovaliuty. [Pravovi aspekty ekolohichnoho kraudfandynhu: zastosuvannia kryptovaliuty] IT pravo: problemy i perspektyvy rozvytku v Ukraini. Retrieved from:: (Accessed:  15.08.2022).