Abstract: The legal nature of the registration system of P2P online loans implemented by local financial supervision departments in China is actually a form of administrative licensing, that is, the registration of administrative licensing online loans market access.This variation originates from the tendency of local financial regulatory authorities to circumvent the strict restrictions on the right to set licensing items in the Administrative Licensing Law and to legalize the interests of local financial regulatory authorities.The alienated market access mode of P2P Internet lending reflects the fierce conflict between the expanding power of Internet financial supervision and the concept of a country governed by law, which raises the cost of information acquisition and has a substantial impact on the sustainable development of Internet finance.In order to release the vitality of Internet financial market and improve the transparency of supervision, the market access mode of P2P Internet lending should turn to the list system of market access oriented by information function, construct the negative list of market access and the list of supervisory powers, so as to enhance the transparency of market opening, improve information performance, simplify investment procedures and clarify finance supervise power boundary,realizing the legalization of market access for P2P online credit.

Key words: P2P lending, market access, filing system, negative list, power list