Legal regulation of crowdfunding and investment platforms

The experience of the United States, Russia and Europe


  • Mikhail A. Garmashev Belgorod National Research University, 85 Pobedy Street, Belgorod, 308015, Russia
  • Julia A. Sakhno Belgorod National Research University, 85 Pobedy Street, Belgorod, 308015, Russia
  • Inna N. Peremyshlennikova Belgorod National Research University, 85 Pobedy Street, Belgorod, 308015, Russia
  • Natalya A. Sedova Kuban State Agrarian University, 13, Kalinina Street, Krasnodar, 350044, Russia
  • Marina M. Staroselzeva Belgorod law Institute of MIA of Russia named after I.D. Putilin, 71 Gorky Street, Belgorod, 308024, Russia


crowdfunding, digital currency, digital rights, investment agreement, investment platform, startup


The article provides a comparative analysis of the legal regulation of crowdfunding and investment platforms in Germany, Russia, the USA, and France. Crowdfunding has been researched as a category that is an integral part of investment platforms; in a concise form, the formation of crowdfunding in the declared group of countries is disclosed; identified possible risks and problems when using investment platforms and crowdfunding. The legislation of the United States, France, Germany, and Russia in the field of crowdfunding reveals the main provisions that are directly related to investment platforms and investments, thereby helping interested parties navigate in this environment. Although the legislation of Russia, unlike foreign countries, does not directly mention crowdfunding, which in turn gives rise to legal conflicts of using this activity through the national law on attracting investments, limiting the rights of individual citizens to attract investments.


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How to Cite

Garmashev, M. A., Sakhno, J. A., Peremyshlennikova, I. N., Sedova, N. A., & Staroselzeva, M. M. (2021). Legal regulation of crowdfunding and investment platforms: The experience of the United States, Russia and Europe. Linguistics and Culture Review, 5(S3), 958-966.



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