Fintech crowdfunding in Chile: comparative analysis and algorithmic protection for retail investors

This paper seeks to critically examine the regulation of Fintech crowdfunding in Chile, particularly with regard to Law No. 21,521 and General Standard No. 502 of the Financial Market Commission. The question guiding this research is whether these regulations present gaps or deficiencies that expose minority investors to risks that are not adequately covered. The hypothesis is that the current legal and regulatory framework is insufficient or at least ambiguous, opening up opportunities for administrative discretion and, consequently, legal uncertainty for operators in general and minority investors in particular. This reduces the potential of this market as a source of secure inclusive financing for SMEs. The objective of the study, therefore, is to identify these regulatory shortcomings, assess their impact on investor protection and market development, and compare them with the experience of comparative law, with a view to proposing improvements that, reinforced with AI tools and public policies, will achieve a more effective balance between innovation, protection, and the safe development of the financial system.