In mid 2000s, a new Fintech era has commenced which is known as “Crowd lending” or “FinTech Credit” whereby credit activities are realized online through internet platforms that match borrowers with lenders (investors). Those kinds of lending activities are named Peer to Peer Lending (P2P). The purpose of this study to elaborate the functioning and regulatory framework of P2P lending in US and China. Those two countries can be considered as two conspicuous example of the application of P2P lending especially in terms of regulation. China transformed its P2P market in 2015 after a long loose regulation period and US from the very beginning applied a strict regulation on the market. By that way, a set of terms of regulation is aimed to be proposed especially for the emerging market countries. It is thought that P2P lending can contribute to the economic development of the emerging market countries if it is applied properly. The contribution of this study to newly developing literature is to provide a comparison and also a set of terms of regulation to be applied in the emerging market countries.