Hunton Retail Law Resource

Multi-level marketing has touched us all - whether it be purchasing beauty products, essential oils, or health supplements from a friend through social media, or receiving an invitation to join a team of seemingly successful people working their “side hustle.”  But multi-level marketing is now getting some additional multi-level attention, both in the media and in the court room.

Only a few states have issued guidance on the sales tax treatment of digital currency transactions. On November 2, 2020, Kansas joined this group, with Notice 20-04, Sales Tax Requirements Concerning Digital Currency Under the Retailers’ Sales and Compensating Tax Acts (the “Notice”), issued by the Kansas Department of Revenue (the “Department”).

As reported yesterday in Business Insurance, Lloyd’s of London underwriters have agreed to insure digital currency storage company, Kingdom Trust Co., against theft and destruction of cryptocurrency assets.  The cover comes after almost a decade-long search by Kingdom Trust for insurance to cover its crypto-assets.  According to the BI, Kingdom Trust sees the availability of insurance as a key factor in bringing institutional investors into the marketplace by dispelling concerns about lack of traditional safeguards in the emerging crypto-asset space.