Capital is a problem that is often faced by start-up companies and Micro, Small and Medium Enterprises (MSMEs). On the other hand, these activities are often the choice of Indonesia's lower and middle class as an effort to improve their economy. For this reason, the Government through the Financial Services Authority (OJK) provides steps to raise capital through a crowdfunding method using information technology (equity crowdfunding / ECF). ECF activities are a solution for start-ups and MSMEs to raise capital in ways that are almost similar to Initial Public Offering (IPO) activities by involving publishers, organizers, and investors. Unfortunately, even though it has been going on since 2018, business activities using the ECF as a real effort to provide additional capital have not been maximally implemented. This is because there are several records that can hinder the optimization of the ECF itself, such as the Investors criteria, shares Flexibility, and maximum securities ownership. This research is normative legal research using a conceptual approach, a statutory approach, and a comparative approach and the development of ECF regulations in Indonesia and reformation on investor limitation law in the ECF in Indonesia as research problems. The results of this study indicate that the application and regulation of the ECF in Indonesia still have various deficiencies. Therefore, a solution is needed by adopting several provisions in Regulation A + in America as an effort to overcome these deficiencies.