On January 7, the National Assembly unanimously passed the Entrepreneurship and Innovation bill to promote entrepreneurship as the cornerstone of the country’s productive development. The bill also looks at ways of promoting collective financing platforms, known as crowdfunding. It will now go to the Executive Branch prior to publication in the Official Gazette.

This law establishes that crowdfunding can be used to promote investment by “connecting” public or private individuals, known as promoters, with investors interested in contributing resources to achieving these projects.

During the debate in the plenary session, the legislators highlighted the benefits of the law, including helping to foster a more widespread financial culture, simplifying procedures and general product promotion activities. The idea is to provide entrepreneurship with the necessary economic, political and technological support.

The Executive Branch now has two options: to enact the bill by publishing it in the Official Gazette, or to return it to the Assembly for the legislators to analyze its recommendations.