El Corte Ingles Files for a Crypto-Related Trademark to Provide 'Financial Services'

El Corte Inglés, the biggest department store group in Spain, seems to be entering into the cryptocurrency sphere. After filing for a related trademark with the Intellectual Property Office of the European Union, they have registered “Bitcor”.

Trademark Is a ‘Preventive Registration’

According to filing request #018434202, the Spanish group store seeks to offer “Finance services, financial transactions relating to currency swaps, buying and selling currency.”

Although it didn’t mention digital assets specifically, sources from El Corte Inglés told MSN that the company intends to conduct crypto-related business in the future.

Officially, however, representatives from El Corte Inglés have declined to comment on possible virtual currencies-related activity. They have only stated that the trademark filing is a “preventive registration” to avoid other companies using “Bitcor” name.

Along with “Bitcor”, El Corte Inglés also made a registration for the branding “Bitcor El Corte Inglés”, with both requests are pending approval June 28, 2021. The move could be interpreted as a response to the coronavirus pandemic, as an effort to strengthen the groups e-commerce functionality.

Spain’s Tough Stance on Cryptos

If El Corte Inglés makes continued foray into the cryptocurrency industry, Spain’s regulation of digital assets may present challenge. A recently enacted royal decree, for example, seeks to align current domestic regulation with European Union anti-money laundering (AML) directives, commonly known as AMLD5. Domestic exchanges are now required share customers’ data with the EU bloc.

As Bitcoin.com News reported in April, Rodrigo Buenaventura, the National Securities Market Commission (CNMV) president, was vocal on his stance against cryptocurrency related advertisements, calling them “risky.”