What is through crowdfunding?
When we talk about crowdfunding , the first image that comes to mind is that of modern digital platforms, where artists, writers, entrepreneurs, and researchers present their projects and receive financial support from people around the world. This model revives an ancient historical practice: gathering small contributions from many to transform individual ideas into high-impact projects.
Long before the internet, crowdfunding already functioned as an effective tool for social mobilization, capable of transforming individual dreams into cultural assets of great relevance.
A striking example occurred in 1884, when Joseph Pulitzer mobilized over 125 Americans, many contributing less than a dollar, to fund the base of the Statue of Liberty. In Brazil, in 1923, the population of Rio de Janeiro also actively participated in financing the construction of Christ the Redeemer, raising approximately 2.500 contos de réis, an amount equivalent to 9,5 million reais today.
Just as non-governmental organizations raise funds to build schools or implement social projects, groups or individuals who were previously limited to the local area have, with the help of the internet, been able to reach a much wider audience.
Thus, crowdfunding can be translated as collective financing, which in practice consists of a collaborative contribution model through digital networks, in which several people come together to make a particular project or initiative viable, and can take different forms depending on the return offered to the funders.
It works as follows: the proponent, that is, the person who has an idea, submits their project to the public through crowdfunding platforms in order to obtain the necessary funds to bring their idea to life and subsequently launch it on the market.
Supporters contribute individual amounts that, collectively, make the proposed project viable. In return, they may receive rewards or benefits proportional to their investment, such as a copy of the final product, inclusion of their name in the project credits, or participation in related events.
Therefore, crowdfunding comes in different forms, each suited to specific objectives.
modalities of through crowdfunding
A donation is a contribution made altruistically, without expectation of return, and is very common in social and humanitarian causes.
Reward-based crowdfunding, on the other hand , is characterized by offering a symbolic benefit or one linked to the project, such as copies of books, tickets, or exclusive products, and is widely used to finance cultural and creative initiatives. In this model, the supporter receives something in return, such as a final product.
In turn, equity crowdfunding , or equity investment/participation , grants the supporter a stake in the business, either through quotas or shares, and is a relevant alternative for raising capital for startups, currently regulated by CVM Resolution No. 88/2022.
Although crowdfunding is a powerful tool for financing emerging projects and businesses, it also presents significant legal challenges, especially regarding the legal risks arising from its operation.
The ease of moving financial resources through digital platforms can, in itself, increase the risk of using these tools for illicit practices, especially money laundering and the financing of criminal activities.
In this context, it becomes essential to implement effective control mechanisms, coupled with robust compliance programs on crowdfunding platforms, with an emphasis on preventing illegal activities, continuously monitoring transactions, and actively cooperating with the relevant authorities.
Legal risks and money laundering in crowdfunding.
The term "money laundering" refers to the process by which resources of illicit origin are transformed into assets with a legal appearance, allowing the insertion of large volumes of funds into various sectors of the economy. The central objective of this mechanism is to mask the illegality of the origin of these resources, giving them an apparent legitimacy.
In Brazil, the material object of the crime of money laundering is assets, rights, and values derived from a prior criminal offense, as established by Law 9613/98.
The crime occurs on crowdfunding platforms when criminals use crowdfunding campaigns as a front to legitimize illegally obtained funds, integrating them into the financial system under the guise of legality.
For example, a fictitious company might be created with the goal of raising funds from "investors" who are actually involved in criminal activities, such as drug trafficking or terrorist financing. These funds, although originating from criminal activities, are transferred to bank accounts or moved as if they were legitimate investments, creating the appearance of legality. This makes it difficult to identify the illegal origin of the funds and allows illicit money to be integrated into the financial system.
Furthermore, the use of multiple investors connected to the issuer, the absence of external audits in smaller campaigns, and the possibility of disguised international transfers exponentially increase the risks.
The use of crypto assets in campaigns of through crowdfunding
Since cryptocurrencies are considered intangible assets that circulate in the virtual environment and are assigned value, it can be concluded that they can also be considered material objects for money laundering.
The use of crypto assets in crowdfunding campaigns can bring several benefits, such as greater global reach and lower transaction costs, but it also significantly increases the risks of illicit and criminal practices, mainly due to the difficulty of tracking or obtaining physical evidence in the financing of operations, unlike usual payment methods.
It is possible to assess that the legal risks in using crypto assets for crowdfunding can be compared by analogy to the same risks already identified in traditional crowdfunding.
The absence of rigorous audit requirements, the possibility of disguised international transfers, and the use of investors connected to the issuer are factors that facilitate money laundering. In the context of crypto assets, these vulnerabilities are intensified due to pseudo-anonymity, the decentralization of transactions on the blockchain, and the difficulty of robustly tracing the origin of funds.
It is of utmost importance that financing portals adopt rigorous measures for identity verification, transaction monitoring, and communication with authorities to prevent and combat this type of financial crime.
Therefore, the use of crypto assets in crowdfunding requires increased attention to legal obligations and the implementation of a robust compliance framework, otherwise significant legal consequences may arise.
Current scenario
Crowdfunding reached a global scale starting in 2009, with the launch of the first platform in the United States. Currently, there are crowdfunding platforms in more than 160 countries.
In the US, crowdfunding has established itself as an important mechanism for innovation, enabling the daily launch of new products and services, as well as significantly expanding access to financial resources for entrepreneurs and creators.
In Brazil, several platforms stand out, each with a specific focus, such as investment, donation, or financing of products and services. Among the best known is Catarse , geared towards cultural, artistic, social, and technological projects, offering rewards proportional to the contributions of supporters.
The use of cryptocurrencies in crowdfunding is a good alternative for expanding international reach and reducing costs. However, it creates an environment conducive to risks, especially on platforms that act as intermediaries between investors and issuers.
These platforms have legal obligations similar to those of financial institutions, including verifying the identity of issuers and investors, monitoring suspicious transactions, and collaborating with authorities in investigations. Failure to comply with these obligations may result in civil and criminal penalties.
Conclusion
It is important to keep in mind that the use of cryptocurrencies is a growing trend compatible with the future, and therefore needs to find a balance between the technological environment it occupies and legal security, with the imposition of technical rules by the State, but also room for collaboration on the part of the crypto community.
The Brazilian regulatory environment still presents gaps that contribute to legal uncertainty in the use of crypto assets in crowdfunding campaigns. The absence of centralized supervision, coupled with the lack of specific guidelines on the responsibility of intermediaries, makes this scenario especially vulnerable to harmful practices.
In this context, it is essential that crowdfunding platforms also adopt proactive compliance measures, such as customer identification programs, monitoring of suspicious transactions, and cooperation with competent authorities, in order to protect not only the operation and reputation of the platforms, but also to guarantee the integrity of the national financial system.
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