El Corte InglÃ©s, 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 â€œBitcorâ€.
Trademark Is a â€˜Preventive Registrationâ€™
According to filing request #018434202, the Spanish group store seeks to offer â€œFinance services, financial transactions relating to currency swaps, buying and selling currency.â€
Although it didnâ€™t mention digital assets specifically, sources from El Corte InglÃ©s told MSN that the company intends to conduct crypto-related business in the future.
Officially, however, representatives from El Corte InglÃ©s have declined to comment on possible virtual currencies-related activity. They have only stated that the trademark filing is a â€œpreventive registrationâ€ to avoid other companies using â€œBitcorâ€ name.
Along with â€œBitcorâ€, El Corte InglÃ©s also made a registration for the branding â€œBitcor El Corte InglÃ©sâ€, 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.
Spainâ€™s Tough Stance on Cryptos
If El Corte InglÃ©s makes continued foray into the cryptocurrency industry, Spainâ€™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 customersâ€™ 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 â€œrisky.â€
What do you think about El Corte Inglesâ€™ crypto-related trademark filing? Let us know in the comments section below.