Equity crowdfunding, a fairly new form of financing, has promise as a means to finance legitimate start-up businesses or projects which are unable to obtain funds from traditional sources, eg, banks, venture capitalists and angel investors. However, the cost of complying with existing securities regulations is likely to make equity crowdfunding impractical for the businesses most likely to need it. This paper will consider the rationale for facilitating equity crowdfunding in Singapore, assess the need for additional exemptions for equity crowdfunding, and propose legal reforms which seek to strike a balance between capital formation and investor protection.