This paper gathers initial evidence about the nature and features of the equity crowdfunding model in Italy, especially in terms of regulations. The purpose of this study is to examine how equity crowdfunding might support the real estate sector in Italy.,To explore the recent initiatives in the development of FinTech in Italy, especially referring to equity crowdfunding’s instrument, a qualitative perspective is used. In particular, this paper relies on primary data from regulations and secondary data from the public domain, which are examined in relation to the current literature.,The results of this study show that equity crowdfunding represents a funding method that is rapidly increasing in Italy, despite rather rigid regulation. Among the various sectors involved, the real estate sector could benefit from the crowdfunding models and, specifically, from the equity one. The development of new real estate equity crowdfunding portals that allow diversification of investment (by reducing the typical entry barriers for real estate investment) could guarantee greater investment transparency and simplicity.,Real estate crowdfunding can be a simple way to invest in the real estate industry. Thanks to the use of technology, specifically internet-based platforms, this type of crowdfunding allows for small investors, as well as professional investors, to access an asset class otherwise not open to small investment tickets and improve the diversification of investments.,Although recent literature has examined the concept of crowdfunding and highlighted different models, aspects and campaigns, no prior studies, to the authors’ knowledge, have explicitly and jointly investigated, also based on the state of art of regulation, the equity crowdfunding model and the real estate sector in Italy.

中文翻译：

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股权众筹和监管：对意大利房地产业的影响

本文收集了有关意大利股权众筹模型的性质和特征的初步证据，尤其是在法规方面。这项研究的目的是研究股权众筹将如何支持意大利的房地产行业。为了探索意大利金融科技发展的最新举措，特别是参考股权众筹的工具，我们使用了定性的观点。特别是，本文依赖于法规的主要数据和公共领域的辅助数据，并结合当前文献进行了研究。研究结果表明，股权众筹是一种在意大利迅速增长的筹资方式，尽管有相当严格的规定。在涉及的各个行业中，房地产行业可以从众筹模式中受益，并且 具体来说，来自股权一。开发新的房地产股权众筹门户网站以允许投资多样化（通过减少房地产投资的典型进入壁垒）可以保证更大的投资透明度和简便性。房地产众筹可以成为投资房地产行业的简单方法。由于使用了技术，特别是基于互联网的平台，这种类型的众筹使小投资者和专业投资者可以访问资产类别，否则这些资产将不向小额投资开放，并改善了投资的多元化。文献研究了众筹的概念，并强调了不同的模式，方面和活动，据作者所知，没有进行过任何先前的研究，已经进行了明确的联合调查，