The European Digital Finance Association (EDFA) has published its position paper titled “Enhancing the Regime for European Crowdfunding Service Providers (ECSP-R)”, calling on European institutions to adopt a more ambitious and coordinated policy approach.
The document highlights that if crowdfunding platforms are not fully integrated into the EU’s financial framework, Europe risks losing its competitiveness in innovation and growth.
The Bulgarian Fintech Association (BFA) is also an active participant in the process, and together with 25 financial associations from 24 countries (covering 95% of the European market), EDFA has presented ten strategic proposalsaimed at building a €1 trillion crowdfunding industry by 2030.
Key proposals include:
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Harmonizing ECSP-R, MiFID-II, and MiCA into a single regulatory framework;
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Introducing European tax incentives for crowdfunding;
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Promoting co-investment (matchfunding) between the public and private sectors;
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Appointing a European Commissioner for Digital and Innovative Finance.
In its position, the European Association also references data from a 2024 survey of 32 leading crowdfunding platforms, as well as the coordinated positions of 25 fintech associations in support of the reform.
The crowdfunding industry has immense potential, not only to improve access to financing but also to accelerate innovation across Europe.
Although there are currently only four licensed platforms in Bulgaria (Afranga, Patient Capital, PropertyPeers, and SpaceCrowd), crowdfunding could significantly expand access to capital for SMEs, startups, and mobilize household and diaspora savings, thus boosting innovation deployment.
The ECSP working group includes associations from Austria, Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, Netherlands, Norway, Poland, Romania, Slovakia, Spain, Sweden, and the United Kingdom.
The group is led by Florence de Maupeou (France), Karsten Wenzlaff (Germany), and Ronald Kleverlaan (Netherlands).
With a clear vision and the backing of nearly the entire industry, EDFA and its partners send a strong message to European institutions: crowdfunding is a key tool for sustainable economic growth, innovation, and inclusive finance.
Implementing the proposed measures gives Europe a real opportunity to unlock a €1 trillion market by 2030, connecting citizens, businesses, and investors in a stronger, more digitally driven economy.
