According to Tarris Arnold, the business development manager at the crypto exchange Luno, a majority of the entities that have applied for licenses to offer crypto-related products are financial institutions. This, according to Arnold, may be an indication that many regulated financial institutions plan to add crypto to their offerings. In his comments published by Techcentral, Arnold said only a few of the license applications received by the country’s financial sector watchdog, the Financial Sector Conduct Authority (FSCA), were submitted by non-licensed financial services providers.