I wonder if a stamp or two might be missing from the bottom right?
It doesn't look to me like a purely commercial cover, not that there is anything wrong with that. But I don't know anything about Cuban covers of this era. Thanks for sharing it.
"Canje Filatelico" on the reverse means "Stamp Exchange," in this case the officially-sanctioned government-controlled exchange, similar to what the USSR had in the 1920s.
This registered cover is sent to "Suiza," or Switzerland in Spanish. Yes, obviously some stamps missing.
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