Seven companies in Japan applying for cryptocurrency exchange licenses with the country’s Financial Services Agency (FSA) will likely know the outcome of their applications, whether approved or denied, within the coming two months.

The news, as reported by Cointelegraph, also offers a glimpse into FSA’s lengthy review process which takes almost half a year.

Its evaluation first includes over 400 questions for prospective companies to respond to. After receiving the answers, FSA sends its officers to personally check with the company on its business plan, governance, IT security, management system, and anti-money laundering (AML) and counter-terrorism financing.

This first stage takes about four months to clear, following which the company then officially submits its application to FSA. Within two months from this point, FSA will decide on whether a license will be granted.

FSA has stated that there are currently 21 companies in stage one apart from the seven others that are in the decision phase. Cointelegraph noted that this could mean up to seven crypto exchanges could be licensed by summer.