Research On The Criminal Law Regulation Of Equity-based Crowd-funding

Equity crowd-funding,as a product of financial innovation that has emerged in China in recent years.on the one hand,It has made up for the financing difficulties in traditional finance,effectively broadening the financing channels for small and medium-sized enterprises and start-ups.Incompatible with traditional finance,and the subsequent supervision can not keep up.It may be alienated into a criminal offence.The most obvious is that equity crowd-funding is characterized as illegally absorbing public deposits.In this regard,the author searched the Chinese referee documents online for all criminal cases related to equity crowd-funding,a total of 29 cases,of which up to 22 illegally absorbing public deposits,accounting for up to 76%.The reason why equity crowd-funding is easy to be classified as illegally absorbing public deposits is mainly because there is a great similarity between the Internet equity crowd-funding behavior and the elements of the crime of illegally absorbing public deposits,plus the crime of illegally absorbing public deposits.There are flaws that lead to the illegal use of public deposits in the field of equity crowd-funding in the practice of equity.Therefore,in order to prevent the excessive accumulation of the crime of illegally collecting deposits in the field of equity crowd-funding,the enthusiasm of equity crowd-funding is also cracked.And at the same time,in order to effectively regulate equity crowd-funding,it will develop healthily.This paper raises the problem by case,points out the current expansion of the illegal public absorption of the crime in the field of equity crowd-funding,and analyzes the two major reasons for this phenomenon.Firstly,the four components of the crime of illegally collecting is similar to crowd-funding.Secondly,the content of the crime of illegally absorbing public deposits is contrary to the current Internet financial environment.After the above analysis,the paper finally proposes to use the concept of secondary illegality to regulate.The specific regulation method is expressed as a progressive model of“pre-emptive law-criminal law”.First of all,in the field of pre-emptive law,it is necessary to improve the relevant administrative norms of equity crowd-funding.Secondly,because the current conditions are not suitable for the complete abolition of the law to absorb public deposits,the crime of illegally absorbing public deposits itself is limited and explained,thus helping to distinguish the difference between it and equity crowd-funding.Through the above regulatory path,it not only effectively solves the expansion of criminal law in the field of equity crowd-funding,but also promotes the development of equity crowd-funding in a healthy direction.