The doctoral dissertation “Regulation of Crowdfunding: Balance of Interests” analyses the regulation of crowdfunding at the European Union level. This paper reveals the essence of crowdfunding activities, their relationship with other similar forms of financing, such as lending or capital markets. Accordingly, it is examined why special regulation of crowdfunding was needed and the principle of functional equivalence could not be applied and regulated under existing credit or capital market regulations. Accordingly, it is revealed that the regulation of crowdfunding in the European Union not only balances the interests of service providers, project owners and investors and their interrelationships, but also does so in a way that is consistent with existing financial and credit market regulations. In addition, it is disclosed that in case of both investment or loan-based crowdfunding, the model of investor protection is taken over from suitability assessment model used in MIFID II, which is applied in most complex and risky investment services as portfolio management. This regulatory choice is justified by the fact that investments distributed through a crowdfunding platform are riskier than in regulated markets or deposits held with credit institutions, as in the case of crowdfunding the project is likely to fail and the secondary market is very limited.