Taizo Son: ICO "democratizes venture financing"

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Speaking with CNBC on the Singapore Week of Innovation and Technology, Taizo Son noted that ICO - through which cryptographic tokens are sold in an attempt to download a block network - can be the "main methods" for start-ups for access to capital.

Son is perhaps the most famous founder and current chairman of GungHo, a major Japanese gaming company that has released games such as Puzzle & Dragons and Ragnarok Online. He also founded Mistletoe, a venture company focused on the early stages of start-ups.

His comments are noteworthy, given recent reports that Japanese officials are said to be approaching new rules around the financing model.

According to Nikkei, the Financial Services Agency of Japan (FSA) is currently weighing how to oversee the ICO in the country. FSA played a leading role in developing rules for cryptocurrency in Japan, and the developments come after Japan officially classified bitcoin as a kind of payment instrument.