BRICS Law Journal

Advanced search



The concept of equity-based crowdfunding (ECF) has become one of the latest innovative financing alternatives for startups and SMEs throughout the world during the last decade. This paper aims to assess the revised crowdfunding directive of Türkiye and its role in the development of the ecosystem. The concept of ECF is elucidated with its stakeholders, challenges, and solutions. Then the effect of the revised regulation is analyzed through a case study of the first active ECF platform in Türkiye, Fonbulucu. Finally, the paper discusses the potential improvements to the existing directive considering the practices of Fonbulucu. 

About the Authors

Murat Aydemir
PhD candidate, College of Islamic Studies, Hamad Bin Khalifa University, Qatar

Murat Aydemir is a PhD candidate in the Islamic Finance and Economy Programme at Hamad Bin Khalifa University. He has a BA degree in management from Bogazici University, Turkey. He was a strategy specialist at the Central Bank of the Republic of Turkey. Aydemir was awarded the Chevening Scholarship of The Foreign Office of the United Kingdom and completed an MSc in innovation and entrepreneurship at the University of Warwick, UK, with merit. He has worked as a business consultant for startups in London since 2019.

Ahmet Faruk Aysan
Ahmet Faruk Aysan** (ORCID ID: Associate Dean for Research, Professor & Program Coordinator of Islamic Finance and Economy, College of Islamic Studies, Hamad Bin Khalifa University, Qatar

Dr. Ahmet Aysan is a full Professor, Associate Dean for Research and the Program Coordinator of the Ph.D. and MSc programs at Hamad Bin Khalifa University. He has been the Board Member and Monetary Policy Committee Member of the Central Bank of the Republic of Turkey and served as a consultant at various institutions such as the World Bank, the Central Bank of the Republic of Turkey, and Oxford Analytica. Dr. Aysan, who has many articles published in academic journals, is a recipient of the Boğaziçi University Awards, and the MEEA Ibn Khaldun Prize.  Dr. Aysan is also a Research Associate at the University College London Centre for Blockchain Technologies (UCL CBT) and Non-resident fellow at the ME Council.  


1. (1) IMDB: Forrest Gump, (2022) The website of IMDB. Retrieved October 10, 2022, from


3. (2) Moysidou, K., & Hausberg, J. P. (2020). In crowdfunding we trust: A trust-building model in lending crowdfunding. Journal of Small Business Management, 58(3), 511-543.

4. (3) Disli, M., Nagayev, R., Salim, K., Rizkiah, S. K., & Aysan, A. F. (2021). In search of safe

5. haven assets during COVID-19 pandemic: An empirical analysis of different investor types. Research in International Business and Finance, 58, 101461.

6. (4) Ziegler, T., Shneor, R., Wenzlaff, K., Suresh, K., Paes, F. F. de C., Mammadova, L.,

7. Wanga, C., Kekre, N., Mutinda, S., Wang, B., Closs, C. L., Zhang, B., Forbes, H., soki, erika, Alam, N., & Knaup, C. (2021). The 2nd Global Alternative Finance Market Benchmarking Report. Cambridge, UK: Cambridge Centre for Alternative Finance., Available at SSRN:

8. (5) Bradford C S. (2012). Crowdfunding and the federal securities laws,” Columbia Business

9. Law Review, vol. 21, no. 6, pp. 1081-1154, 2012

10. (6) Aysan, A. F., & Nanaeva, Z. (2022). Fintech as a Financial Disruptor: A Bibliometric

11. Analysis. FinTech, 1(4), 412-433.

12. (7) Bento, N., Gianfrate, G., & Thoni, M. H. (2019). Crowdfunding for sustainability

13. ventures. Journal of Cleaner Production, 237, 117751.

14. (8) Cicchiello, A. F. (2020) Harmonizing the crowdfunding regulation in Europe: need,

15. challenges, and risks, Journal of Small Business & Entrepreneurship, 32:6, 585-606, DOI: 10.1080/08276331.2019.1603945

16. (9) Mochkabadi, K., & Volkmann, C. K. (2020). Equity crowdfunding: a systematic review of the literature. Small Business Economics, 54(1), 75-118.

17. (10) Resmi Gazete: Tebliğ, (2021, 27 October). The Government Gazette of The Republic of

18. Türkiye. Accessed October 10, 2022 from

19. (11) Tomczak, A. and Brem, A. (2013), “A conceptualized investment model of crowdfunding”, Venture Capital, Vol. 15 No. 4, pp. 335-359. )

20. (12) Ziegler et al., ref. 4 above.

21. (13) Short, J. C., Ketchen, D. J., McKenny, A. F., Allison, T. H., & Ireland, R. D. (2017).

22. Research on Crowdfunding: Reviewing the (Very Recent) Past and Celebrating the Present. Entrepreneurship Theory and Practice, 41(2), 149–160.

23. (14) Gupta, S., Raj, S., Gupta, S., & Sharma, A. (2022). Prioritising crowdfunding benefits: a

24. fuzzy-AHP approach. Quality & Quantity, 1-25.

25. (15) Mochkabadi, et al., ref. 9 above.

26. (16) Dorff, M. B. (2014). The siren call of equity crowdfunding. Journal of Corporation Law, 39, 493–524.

27. (17) Löher, J. (2016). The interaction of equity crowdfunding platforms and ventures: an analysis of the preselection process. Venture Capital: An International Journal of Entrepreneurial Finance, 19(1–2), 51–74.

28. (18) Braun, S. (2015). Deutsche Crowdinvesting-Portale: neue Geschäftsmodelle für KMU.

29. Lüneburger Beiträge zur Gründungsforschung, No.11. Lüneburg: Leuphana Universität.

30. (19) Agrawal, A., Catalini, C., & Goldfarb, A. (2016). Are syndicates the killer app of equity

31. crowdfunding? California Management Review, 58(2), 111–124.

32. (20) Fisch, J.E. (1998), “Can Internet offerings bridge the small business capital barrier”, Journal of Small and Emerging Business Law, Vol. 2, p. 57.

33. (21) Mäschle, O. (2012). Which information should entrepreneurs on German crowdinvesting

34. platforms disclose? Working paper, No. 127, Thünen-Series of Applied Economic Theory, Rostock, Germany.

35. (22) Hornuf, L., and A. Schwienbacher. (2017). “Should Securities Regulation Promote Equity Crowdfunding?” Small Business Economics 49 (3): 579–593.

36. (23) Lee, E. (2019). Equity crowdfunding in Hong Kong: potential, challenges and investor

37. protection. Journal of Corporate Law Studies, 19(2), 277-302.

38. (24) Cicchiello, ref. 8 above.

39. (25) Gabison,G. A. (2014). Equity crowdfunding: All regulated but not equal. DePaul Business. & Commercial Law Journal, 13, 359–409.

40. (26) Cicchiello, ref. 8 above.

41. (27) Resmi Gazete: Kanun, (2017, 5 December). The Government Gazette of The Republic of Türkiye. Accessed October 10, 2022 from

42. (28) Yildiran, S. ve Kahf, M., (2021). Kitle Fonlama Platformlarına Yönelik Türkiye ve BAE’deki Yasal Düzenlemelerin Karşılaştırılması. İslam Ekonomisi ve Finansı Dergisi, 7(2), 201-228.

43. (29) Anbar, A. (2020). Girişimcinin Finansmanında Alternatif Bir Yöntem: Kitlesel Fonlama.

44. Muhasebe ve Finansman Dergisi, 88, 237–254.

45. (30) Resmi Gazete: Yönetmelik, (2021, 21 December). The Government Gazette of The Republic of Türkiye. Accessed October 10, 2022 from,Kurul%20bu%20tutar%C4%B1%20art%C4%B1rmaya%20yetkilidir

46. (31) Ibid

47. (32) Cicchiello, A. F., Pietronudo, M. C., Leone, D., & Caporuscio, A. (2020). Entrepreneurial dynamics and investor-oriented approaches for regulating the equity-based crowdfunding. Journal of Entrepreneurship and Public Policy.

48. (33) SPK: Sirketler (2022). The web site of SPK. Retrieved October 10, 2022, from


50. (34) Fonbulucu: About us (2022). The company web site. Retrieved October 10, 2022, from


52. (35) Fonbulucu: Promoseed (2022). The company web site. Retrieved October 10, 2022, from


54. (36) The calculation is based on the currency exchange rates of the Central Bank of the Republic of Türkiye, 1 USD= 18,5915 Turkish lira on 10 October 2022

55. (37) Aysan, A. F., Bergigui, F., & Disli, M. (2021). Blockchain-based solutions in achieving SDGs after COVID-19. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 151

56. (38) Fonbulucu (2022). The company web site. Retrieved October 10, 2022, from


58. (39) Fonbulucu (2022). The company web site. Retrieved October 10, 2022, from



For citations:


Views: 49

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.

ISSN 2409-9058 (Print)
ISSN 2412-2343 (Online)