The draft bill for crowdfunding, currently codified into law in countries like the U.K., the U.S. and France will be voted in Turkish Parliament in October.
With a new generation of funding system that will be available for small businesses with a project but no funding, entrepreneurs will be able to reach larger masses.
The partnerships will be able to be established online, thus the necessary funding can be obtained from the “online community.” With this method, difficulties experienced by companies in reaching bank loans will be prevented and innovative ideas and projects will be financed by citizens online.
Sources said that the draft, to be submitted to Parliament in October, includes many measured for strengthening crowdfunding, research and development innovation and the entrepreneurship ecosystem.
In the Turkish system, crowdfunding websites operate in the form of funding in exchange for rewards or funding through grants. Funding in exchange for stocks or borrowing is not legally possible due to banking, capital markets and trade law regulations.
The Treasury has conducted a comprehensive study on legislation and infrastructure in efforts to regulate crowdfunding.
In addition to the qualifications of the investor, the conditions for realization of sales are also regulated, especially when the return is stock in the funding.