The Institution of Crowdfunding and Prospects for Its Development in Uzbekistan: A Theoretical and Legal Analysis

This article examines crowdfunding as a promising mechanism for capital raising and analyzes its potential for development in Uzbekistan. The research draws upon fundamental economic theories, including agency theory, signaling theory, and value co-creation theory, to explain the essence of this phenomenon. The paper provides a detailed analysis of the barriers constraining the development of the crowdfunding market in Uzbekistan, ranging from legal uncertainty to challenges related to payment infrastructure and the protection of investors’ rights. Based on the analysis, a comprehensive set of measures aimed at improving the regulatory framework and stimulating the growth of crowdfunding in the Republic is proposed.