The phenomenon started in the 1990s when fans of British rock band Marillion raised the money necessary to finance the band's American tour. The band then went on to finance albums using the same method.

Crowdfunding was used recently to finance a new album by Tom Dice, Belgium's last Eurovision entrant. It allowed fans to buy a stake in Dice's new album, which was recorded using the money raised. In that case, each €10 stake brought a return of €26, as well as a download copy of the album. The investments were organised by the Belgian crowdfunding company Sonic Angel, and now Flemish actress Veerle Baetens (Code 37, Zot van A) has turned to Akamusic to raise funding for her new band Dallas. Similar schemes to support comic-strip artists and writers are also underway in Belgium and the Netherlands.

The CBFA now wants to investigate the terms under which shares in artists or activities are offered. Trading in shares in more concrete entities, like companies, as well as in invisibles, like futures and derivatives, are strictly regulated, but those same rules may not be being applied in crowdfunding.

"We are studying a number of cases," a spokesman for the CBFA said. "We wish to avoid leaving the consumer unprotected in a kind of grey area. That risk could exist if crowdfunders deliberately fly under the radar by, for example, keeping the donations received under the ceiling of €50,000."