Fintech risks have a special type of structure and formation mechanism; regular updates and a complete financial legal system are needed to implement an effective legal governance. China’s fintech development is leading the world, but its lagging legal development does not match its rank in the field. Due to the difficult co-ordination of regulatory goals, unclear allocation of regulatory power, insufficient risk identification, and incomplete regulation tools, China’s legal governance on fintech risks has been swinging between the paths of suppressive, indulging, and adaptive regulation. It is urgently necessary to follow the fintech-risk law and fully tap into the local resources and explore the intervening path with more proactivity, foresight, and refined characteristics, through specification of the legal status and governing power of the intervening entity, the institutional basis and legal effect of interventional means, and the governing key and constitutional rules of intervening objects, to establish a legal-governance system on fintech risks that is innovation-friendly, regulatorily effective, and safe at the bottom line, fully covering the whole process.