Japan-based crypto exchange Coincheck’s plan for carrying out the first-ever initial exchange offering locally is reportedly happening in the summer. 

Specifically, a collaboration between Coincheck and Hashpalette reportedly aims to have the Hashpalette (HPT) initial exchange offering become the first IEO-issued utility token across the crypto market of the nation. 

At the time, the plan was put in motion amid the time when crypto regulations were freshly approved in the country, offering a clear-cut legal framework for token sale events among other market segments.

IEOs are reportedly modified versions of initial coin offering, in which a crypto exchange platform takes up the intermediary role between token issuers and investors.

IEOs have reportedly also been suffering from unclarity, in terms of regulations, particularly revolving around whether IEO tokens have the qualification to be referred to as securities.

For Coincheck, the initiative to carry out Japan’s maiden IEO is reportedly one of its attempts to develop its crypto business. In January 3 years ago, Coincheck experienced one of the most significant crypto exchange attacks throughout history, with up to $534 million in NEM (XEM) tokens illegally acquired from the platform. 

Hashpalette reportedly functions as a cross-blockchain, non fungible token platform, located in Japan and dedicated to digital content, nominally manga, music and sports, among others. The NFT platform offers supporting features to numerous well-known blockchain networks, like Ether, Neo and Ontology.