Alternative Financial Instruments in the Digital Economy: The Role of Crowdfunding in Kazakhstan

Abstract

The article provides a comprehensive analysis of crowdfunding as an alternative and innovative source of financing, its significance for the development of the modern economy, and prospects for its application in the Republic of Kazakhstan. Key crowdfunding models and principles of their functioning are examined, and their advantages and limitations are identified. Particular attention is paid to a comparative analysis of the development of crowdfunding in Kazakhstan and the United States of America, including a study of successful practices, statistical indicators, and the main differences in the structural and institutional conditions of the market.
Key barriers hindering the spread of crowdfunding in Kazakhstan have been identified: insufficient public awareness, limited access to international platforms, and an inadequate regulatory framework. The concluding section of the article outlines promising areas for the development of crowdfunding in the country, including possible measures of state support, the creation of national specialised platforms, and the development of integration with international crowdfunding ecosystems.