Abstract
This article examines crowdfunding as a modern and complementary mechanism for financing projects in Morocco, introduced by the legislator to address the limitations of traditional financing and the difficulties of accessing bank credit. Through an analysis of Law No. 15.18, the article clarifies the concept of crowdfunding based on raising funds from the public via digital platforms and identifies its main stakeholders: the project holder, the contributor, the crowdfunding company, and the account-holding institution. It also outlines the scope of application in terms of the types of operations (investment, lending, donation), the conditions for presenting projects, and the exclusive allocation of funds to the targeted projects, while highlighting the rules governing the licensing of crowdfunding companies, platform management, and the obligations relating to transparency and investor protection. The article further emphasizes the multi-layered supervisory framework exercised by Bank Al-Maghrib and the Moroccan Capital Market Authority to ensure the soundness of operations. It concludes that Law No. 15.18 establishes a balanced legal framework for regulating crowdfunding; however, its effectiveness remains contingent upon strengthening financial and digital literacy and fostering trust in this mechanism as a tool to support economic and social initiatives.
Recommended Citation
Al Massloumi, Mouna
(2023)
"Cooperative Financing as an Additional Mechanism for Project Funding: A Reading of Law 15-18,"
Revue Marocaine de Droit, d'Economie et de Gestion (Moroccan Journal of Law, Economics and Management): Vol. 28:
Iss.
1, Article 28.
Available at:
https://scholarhub.univh2c.ma/remadeg/vol28/iss1/28