Many countries are trying to create a regulation mechanism that is very similar to the mechanism of stocks of CEF's.
I think this is bad way (although regulations are good at some level), mostly because of killing the innovation. The licenses will require special deposits and special licensed managers. Required also will be KYC/AML compliance.
As for the KYC/AML it may be good because there is lower risk for investors to get involved in Ponsi etc. However licenses and deposits may kill the innovation.
In difference there should be something of a requirement of good explanation of types of investments and precise description of risks - investments are always risks.
Example of such crowdfunding license (Isle of Man):
http://www.iomfsa.im/beingregulated/POSTAugLHs/class6crowdfundingplatforms.xml