• ConsenSys, the company behind the MetaMask crypto wallet, has denied allegations that it collects taxes on Crypto transactions.
• The tax section in their terms of service only applies to specific products and paid plans offered by ConsenSys, not MetaMask.
• User privacy and security is the responsibility of the user when it comes to customer assets.
MetaMask Does Not Collect Taxes On Crypto Transactions- ConsenSys
Allegations Are False
ConsenSys, the company behind the popular MetaMask crypto wallet, has denied claims that it collects taxes on crypto transactions. The Ethereum blockchain software firm says that the allegations are “false” and that it has not made any changes to its terms of service to reflect this.
Tax Section Of Terms Of Service
The uproar appears to have stemmed from a section of MetaMask’s terms of service that states that the wallet retains “the right to withhold taxes as necessary.” However, in a Twitter thread clarifying the T&Cs, ConsenSys says that the section only applies to specific products and paid plans that the company offers. It does not apply to MetaMask.
Products And Plans Involved
The particular products and plans are also those that involve sales tax only such as Infura’s credit card developer subscriptions which include sales tax. Adding that it believed in transparency and accuracy of information shared with users, the company added: “Legal terminology can be complex, but it’s crucial to emphasize that this section DOES NOT apply to MetaMask or any other products that don’t involve sales tax.”
User Responsibility For Taxation
According to ConsenSys, no user assets are withheld on the premise that the user failed to pay taxes. Compliance with all applicable tax laws when it comes to customer’s assets is that user’s responsibility,the firm clarified.
Privacy And Security Priority
User privacy and security is among user priority for their assets related matters