Reward-based crowdfunding starts in Angola
By the AFREEQUE newsroom, based on Expansão
Several Angolan platforms are already offering reward-based crowdfunding, with the approval of the Capital Market Commission. The activity is developing as a law on crowdfunding is still being examined by Parliament and risks of fraud and legal uncertainty persist, according to Expansão.
Crowdfunding platforms are beginning to offer campaigns with rewards in Angola, with the approval of the Capital Market Commission (CMC), as the draft law on crowdfunding continues its parliamentary examination. The bill was unanimously approved in April at first reading, reports Expansão.
The absence of a complete regulatory framework exposes platforms, project promoters and contributors to legal and operational risks, particularly fraud, money laundering and user identity verification. Carlos Saturnino, co-founder of FundCube, a platform that says it has raised more than 1.4 billion kwanzas over two years for social projects through donations, said it blocks promoters in breach and cooperates with the authorities when fraud is suspected, according to Expansão.
Under the reward-based model, contributors do not receive a financial return. Responsibility for carrying out the project and delivering the reward legally lies with the project promoter, Carlos Saturnino told Expansão.
