According to Bandai Namco, players will be to move their characters from the first game into Xenoverse 2. You can read how to transfer your characters here.

The restriction on transferring characters are as followed:

• Only one character can be imported (including their race, body, face, level, some costumes and some skills)
• You can only import a character before starting a new save on Xenoverse 2. Once you have started, you will not be able to import your save data. If you want to do it, you will need to erase your save and start again.

There are restrictions to the items and skills that can be imported in the game:

• Costumes: You can carry over five costumes items from DBXV1: Upper Body, Lower Body, Feet, Hands, Accessory
• Skills: You can carry over 4 Super Attacks, 2 Ultimate Attacks and 1 Evasive skill except for the following skills: Super Saiyan (1 & 2), Super Vegeta (1 & 2), Kaioken (including X3 and X20), Potential Unleashed, Riot Javelin, Rebellion Spear, Tyrant Lancer, Prelude to Destruction, Strike of Revelation Symphonic Destruction. These skills will be exchanged against 10 000 Zeni and 1 Time Patroller Medal each.
• In-Battle items such as Capsules and Z-Souls will be not be carried over.

If you missed the recent trailers showing off Hit, Final Form Cooler, and Frieza you can check it out here.