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FinTechs belonging to this category operate crowdfunding, crowdinvesting and crowdlending platforms on which money is raised to invest in various projects, mainly start-up companies and real estate projects.
Crowdfunding is not a defined financial service, but generally used to describe donation-based crowdfunding (the investor donates the money to the project), reward-based crowdfunding (the investor receives an often symbolic consideration for his investment), equity-based crowdfunding (crowdinvesting: the investor participates in the profits of the financed project or acquires shares or debt instruments) or lending-based crowdfunding (crowdlending: the investor is reimbursed at the end of the project with or without interest).
Introduction
Attitude of the country towards crowdfunding, crowdinvesting and crowdlending platforms
The Russian crowdfunding market has begun to take shape at the beginning of 2010. In 2020, a federal law regulating these legal relations came into force. Currently in Russia investing using investment platforms is carried out in the following ways: by providing loans (crowdlending), by purchasing equity securities (crowdinvesting), by acquiring utilitarian digital rights and by purchasing digital financial assets. In this case, utilitarian digital rights mean the following rights, which initially arose in the form of digital rights on the basis of an agreement concluded through an investment platform: the right to demand the transfer of a thing (things); the right to demand the transfer of exclusive rights to intellectual property and (or) the rights to use intellectual property; the right to demand the performance of work and (or) provision of services.
Digital financial assets are recognized as digital rights that include monetary claims, the ability to exercise rights related to securities, rights to participate in the capital of a non-public joint-stock company, the right to demand the transfer of securities, the turnover of which is carried out by making (changing) entries in an information system based on a distributed ledger, as well as in other information systems.
Legal affairs
Obligations and requirements to provide crowdfunding, crowdinvesting and crowdlending platforms described above
The relations arising in connection with crowdfunding (including crowdlending and crowdinvesting) are regulated by the Federal Law of 02.08.2019 No. 259-FZ "On Attraction of Investments with the Use of Investment Platforms and on Amending Certain Legislative Acts of the Russian Federation". This law also defines the legal basis for the activities of investment platform operators, regulates the emergence and circulation of utility digital rights provided for by this law, as well as the issuance and circulation of securities certifying utility digital rights.