A draft law on collective finance services, which will allow the legalization of financial crowdfunding in Moldova, has been finalized with the support of development partners.
According to the Ministry of Economy, in the near future the draft law that will ensure the access of entrepreneurs to crowdfunding services will be submitted to the government for approval. It is noted that limited access to finance, lack of fixed assets or assets that can serve as a guarantee are the main obstacles in the way of a beginning entrepreneur. The bill regulates the basic principles and requirements for the participants of the sphere of collective finance, stipulates the main types of services in this area and the information that must be presented on the platform of collective finance, the rules of authorization and supervision in this area. Activities in the field of crowdfunding involves raising funds through online platforms of many investors (both individuals and legal entities) to finance the entrepreneurial goals of small and medium-sized enterprises. It is supposed to use secure means of identification in order to avoid bureaucratic procedures. It is planned that all payments and transactions in the process of crowdfunding will be carried out exclusively by means of bank transfers and payment instruments offered by payment companies. Regulation of this sphere of services will allow SMEs and startups to attract funding for projects that are problematic to obtain loans and credits by traditional means. Earlier it was reported that by means of collective financing (both financial and non-financial crowdfunding) in Moldova, it is possible to attract up to $130 million a year, of which at least $40 million - for SME initiatives and projects. // 30.11.2022 - InfoMarket
