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Design of Equity Crowdfunding in the Digital Age

Author

Listed:
  • Budi Agus Riswandi

    (Faculty of Law, Universitas Islam Indonesia, Sleman 55584, Indonesia)

  • Abdurrahman Alfaqiih

    (Faculty of Law, Universitas Islam Indonesia, Sleman 55584, Indonesia)

  • Lucky Suryo Wicaksono

    (Faculty of Law, Universitas Islam Indonesia, Sleman 55584, Indonesia)

Abstract

Equity crowdfunding is a form of alternative financing for MSMEs in Indonesia. However, the provision of equity crowdfunding still has various issues that boil down to the absence of guarantees of legal certainty for the parties. This, of course, can hinder the development of equity crowdfunding itself in the MSME financing scheme. For this reason, the review of this is carried out based on normative legal research, where it examines various applicable legal provisions in regulating equity crowdfunding. Studies are also based on statute, comparative and conceptual approaches. The result is that, first, the arrangement regarding equity crowdfunding has not provided guarantees of legal certainty for the parties; second, many countries develop equity crowdfunding regulatory frameworks that are oriented to guarantee legal certainty for the parties; and third, the design of equity crowdfunding arrangements that provide guarantees of legal certainty to the parties can be made in the form of co-regulation arrangements.

Suggested Citation

  • Budi Agus Riswandi & Abdurrahman Alfaqiih & Lucky Suryo Wicaksono, 2023. "Design of Equity Crowdfunding in the Digital Age," Laws, MDPI, vol. 12(1), pages 1-22, January.
    • Handle: RePEc:gam:jlawss:v:12:y:2023:i:1:p:8-:d:1032256
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    References listed on IDEAS

    as
    1. Antonella Francesca Cicchiello & Daniele Leone, 2020. "Encouraging investment in SMEs through equity-based crowdfunding," International Journal of Globalisation and Small Business, Inderscience Enterprises Ltd, vol. 11(3), pages 258-278.
    2. Hossain Mokter & Oparaocha Gospel Onyema, 2017. "Crowdfunding: Motives, Definitions, Typology and Ethical Challenges," Entrepreneurship Research Journal, De Gruyter, vol. 7(2), pages 1-14, April.
    Full references (including those not matched with items on IDEAS)

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