The Japan Crypto Asset Business Association (JCBA) has released a preliminary proposal for IEO reform, aiming to improve the robustness of raising funds through the IEO (Initial Exchange Offering) system. Specific suggestions include establishing a lock-up system for interested parties, ensuring liquidity, diversifying the calculation method of the issuance price, and improving stable operations. The lock-up system for interested parties includes a lock-up period of at least three months for participants in IEO projects (including exchanges).