Crowdfunding is a form of alternative financing that has developed in recent years. Unlike traditional funding methods, crowdfunding raises funds from many people, usually individuals or groups of people who donate money to a campaign. Based on the diversity of funded causes and the different rewards that investors are given as incentives, crowdfunding can be divided into four categories. Of these, the two categories mostly used for non-profit causes are donation-based crowdfunding and reward-based crowdfunding. The other two forms of crowdfunding are purely investment-oriented and involve equity crowdfunding and peer-to-peer lending. Despite the huge increase observed in the European Union and globally in recent years, crowdfunding in Cyprus is still in its infancy, with minimal effect on Cypriot. Recently, the European Union created a regulatory framework to establish uniform rules across the EU to provide crowdfunding services based on equity and peer-to-peer lending forms of financing. The Cyprus Securities and Exchange Commission has also proposed a regulatory framework for investment-based crowdfunding by issuing convertible securities. Finally, we present the case study of a successful Cypriot campaign and discuss the "good practices" followed by the campaign organizers.