Harmonizing the Crowdfunding Regulation in Europe: Need, Challenges, and Risks.

This paper deals with the issue of the harmonisation of crowdfunding regulation in Europe, which is currently the subject of debate by policymakers and regulators. For this purpose, it provides an in-depth comparative analysis of the crowdfunding regulatory frameworks in force in the UK, France, Italy, and Spain. Findings show that regulatory heterogeneity negatively affects the crowdfunding market. To overcome the barriers hampering the regulatory harmonisation, European countries have to shape the highly heterogeneous nature of their regulatory environments. In this way, they can achieve a level playing field for all market actors in Europe and create a more open crowdfunding ecosystem.