Design of Equity Crowdfunding in the Digital Age

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.