Brussels, 30 April 2025. EUROCROWD is publishing an analysis of crowdfunding service provider data as published by ESMA for the years 2022 to 2024. The report “ECSPR Licensing – Insights from the public ESMA Register of Crowdfunding Service Providers – 2022-2024” looks at the registration data of the first three years and provides additional insides on licensing trends and uptake. Since the European Crowdfunding Service Providers Regulation (ECSPR) came into force in 2021, the European crowdfunding landscape has entered a new regulatory era.
Three years after the European Crowdfunding Service Providers Regulation (ECSPR) came into effect, the ESMA register reveals uneven progress across the EU. While the regulation was designed to create a unified crowdfunding market and strengthen investor protection, its implementation has exposed serious regulatory and operational hurdles.
You can download the full report
As of early 2025, fewer than 30% of licensed platforms operate cross-border—an indicator that fragmentation remains a core challenge. National Competent Authorities (NCAs) differ in how they interpret and enforce ECSPR, causing delays in licensing and regulatory uncertainty. This inconsistency undermines the regulation’s goal of facilitating cross-border finance and limits access to capital, particularly for SMEs. Leading countries such as France, Italy, Spain, and the Netherlands have taken proactive steps, resulting in more CSP licenses and stronger market presence. In contrast, Germany’s slower uptake highlights how national preferences can clash with ECSPR’s harmonised framework.
For platforms, compliance with ECSPR requires significant investment in governance, investor disclosures, and risk management. Smaller players are particularly affected, with many struggling to meet the administrative and legal demands of the new regime. To unlock ECSPR’s full potential, both CSPs and NCAs need to act. Platforms must build stronger compliance frameworks and improve transparency. Meanwhile, NCAs should harmonise approval processes and strengthen guidance. ESMA also plays a key role in improving data quality and driving convergence.
With better coordination and regulatory clarity, Europe can still achieve a truly integrated crowdfunding market. Until then, ECSPR remains a promising framework caught in fragmented execution.
