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Crowdfunding in the digital age, a phenomenon on the rise (27/11/2017)

Fernando Luis de la Vega García and Emilio Jesús Lázaro Sánchez, researchers from the Faculty of Law of the University of Murcia, are carrying out a study on collective micro-financing in the digital age with the purpose of redirecting or returning to their nature each of the crowdfunding classes.

The complexity of the investigation has involved a long and exhaustive period of documentation.

"The first year was more of training than of results, taking into account that these are very innovative institutes in terms of their legal technique." Crowdfunding is a topic of collective interest, not only for companies, but for potential investors, since the ignorance in this respect can generate insecurity ", explains Emilio Jesús Lázaro.

In one of the articles published, Legal Diversity in the treatment of Crowdfunding, emphasize that this form of micro-financing opens new access roads to the credit market for people and projects that, previously, were limited or inhibited by channels traditional financing.

Now, say both researchers, the Marketplace or digital platform is key to achieving this type of project.

The purpose they want to achieve with this project, in the words of the two teachers, is to learn the phenomenon and, in some way, to give it simplicity and try to configure its legal framework, since not all types of crowdfunding can be regulated in a unitary way. .

"We have had to thoroughly analyze the existing legislation in Spain and that of countries such as Italy and England, which have highly developed legal legislations"

"We are halfway through the period, we have achieved some results but at the moment we are in the thick of the study," says De la Vega.

What all types of crowdfunding have in common is the way they operate.

"The problem is that it is a macro-phenomenon that encompasses many varieties, without possible univocal legal treatments, some are financial, others are philanthropic, others of a cultural nature, so not all of them accept the same treatment. it does not mean that they are lacking in a legal regime, there is always a solution in Law for all kinds of situations, no matter how new they may be ", concludes Lázaro.

Its research group is composed of eight researchers, specialized in the mercal, fiscal, administrative, international and financial fields.

In addition, De la Vega and Lazaro, are finalizing a book on crowdfunding, which can be read, not only by legal professionals, but by the general public.

This project has been financed by the Ministry of Economy, Industry and Competitiveness.

Source: Universidad de Murcia

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