Regulation
Equity
USA
SEC Issues New Guidance on Beneficial Ownership and Regulation Crowdfunding Reporting
The SEC has released new Corporation Finance Interpretations clarifying beneficial ownership reporting, disclosure obligations in shareholder activism, tender offer dissemination, and Regulation Crowdfunding reporting. Notably, issuers cannot treat crowdfunding vehicles as single holders of record for annual reporting termination. The guidance impacts how issuers and investors approach compliance under Regulation Crowdfunding.
Regulation
Startups
Equity
Azerbaijan Parliament Passes Comprehensive Crowdfunding Regulation
The Milli Majlis of Azerbaijan has adopted a law establishing the legal and regulatory framework for equity and debt-based crowdfunding. The legislation sets requirements for platform operators, outlines state oversight, and aims to improve access to alternative finance for startups and SMEs. The Central Bank is authorized to issue further regulations, and the law will take effect six months after publication.
Regulation
Education
Debt
USA
US Senate Bill Proposes Federal Framework for Outcomes-Based Student Financing Products
Senator Todd Young has introduced S. 4943, the Outcomes-Based Financing for Students Act, which would establish federal rules for income-based student financing arrangements. The bill sets consumer protections, disclosure requirements, and limits on state regulation. It also addresses tax treatment, bankruptcy, and credit reporting for these products. Several fintech companies could be indirectly affected by the proposed changes.
Regulation
Azerbaijan to Exempt Crowdfunding Income from Taxation
Azerbaijan is set to make income from crowdfunding tax-free, according to Elmin Mammadov. This regulatory change aims to encourage the use of crowdfunding platforms in the country. Details on implementation and scope are yet to be clarified.
Market Data
Regulation
P2P lending
Indonesia
OJK Blocks 1,218 Illegal Financial Entities in H1 2026, Majority Are P2P Lenders
In the first half of 2026, Indonesia's Financial Services Authority (OJK) blocked 1,218 illegal financial entities, with 951 of them being online loan (P2P lending) platforms. Illegal investments and pawnshops were also targeted. The OJK received over 22,000 complaints related to these illegal entities during the period.
Regulation
Real estate
Egypt’s FRA Grants New Licenses to Thndr, Halan, and Others in Non-Banking Finance
Egypt's Financial Regulatory Authority has issued 10 new licenses across non-banking financial sectors, including approvals for Thndr to operate a real estate investment fund and Halan for real estate finance and factoring. The move expands competition and participation in areas such as real estate funds, derivatives, and insurance. The approvals reflect ongoing regulatory efforts to diversify Egypt's financial ecosystem.
Regulation
SME
P2P lending
Nepal Rastra Bank to Study Regulatory Framework for Peer-to-Peer Lending
Nepal Rastra Bank has announced plans to examine the feasibility and regulatory requirements for introducing a credit-score-based peer-to-peer lending system. The initiative aims to expand financial inclusion and provide alternative lending channels for individuals and small businesses. The central bank will focus on legal safeguards, consumer protection, and financial stability as part of its study.
Regulation
Startups
Equity
Azerbaijan Adopts New Regulatory and Tax Framework for Venture Capital Funds
Azerbaijan's parliament has approved amendments introducing requirements and tax incentives for venture capital funds. The changes affect currency regulation and the tax code, easing profit repatriation and investment transfers for funds and accredited investors. The law also sets documentation and reporting obligations for cross-border investments in startups. The draft was adopted in its first reading.
Regulation
Azerbaijan Adopts Crowdfunding Law Regulating Equity and Debt Platforms
Azerbaijan's Milli Majlis has passed the draft law 'On Crowdfunding' in its third reading. The legislation establishes legal, organizational, and economic frameworks for equity- and debt-based crowdfunding, including requirements for platform operators and state supervision. The law will take effect six months after publication.
Market Data
Regulation
Trends
Europe
EUROCROWD Report Assesses ECSPR’s Impact on European Crowdfunding Market After Three Years
EUROCROWD has released a research paper analyzing the effects of the European Crowdfunding Service Providers Regulation (ECSPR) three years after its implementation. The study finds that market growth is driven more by platform maturity and investor culture than by regulatory flexibility. It highlights areas for improvement in operational resilience and transparency, and suggests future progress will depend on governance and digital infrastructur…
