Can Korea compete in crowdfunding?

This was originally published in The Korea Herald on Aug. 11, 2015. Korea’s start-up community breathed a collective sigh of relief last month when the government approved the long-awaited crowdfunding act, two years after it was first proposed in June 2013. Aimed at opening funding channels for start-ups, the Financial Investment Services and Capital Markets Act paves the way for equity-based crowdfunding ― a type of fund-raising method that lets individuals invest up to 2 million won ($1,700) in a single start-up, and 5 million won collectively over the year, through an online brokerage site. With the implementation of equity-based crowdfunding,…