Legislation and Regulation of Individual Help-Seeking Online Crowdfunding Platforms

Abstract

The booming development of online crowdfunding has given rise to individual help-seeking online crowdfunding platforms, which have both profit-making and charitable functions and are not regulated by existing laws. The current legislation does not specify the obligation to review the information of the platforms, the responsibility to supervise the finance, and the obligation to supervise the remaining money of the platforms. The legislation should regulate individual help-seeking online crowdfunding platforms by setting the information review obligations of the platforms, stipulating the supervisory responsibilities of the platforms for the funds raised, and clarifying the supervisory obligations of the platforms for the remaining funds, which can promote the standardized development of individual help-seeking online crowdfunding and facilitate the progress of China's charitable cause.