Coin Edition -
- ConsenSys denies false claims that MetaMask collects taxes on crypto transactions.
- The referenced terms apply to products subject to sales tax.
- Controversy arises as the alleged new MetaMask policy raises concerns about decentralization.
In recent days, misleading information has been circulating the crypto community regarding ConsenSys’ terms of service, specifically about MetaMask. However, ConsenSys has come forward to set the record straight and address the inaccuracies being spread.
The primary claim that has caused concern among the crypto community suggests that MetaMask, a popular crypto wallet, now collects taxes on crypto transactions. ConsenSys categorically denied the assertion, stating that no changes have been made to MetaMask’s terms of service that would involve collecting taxes.
We are aware of tweets circulating with inaccurate information about ConsenSys' terms of service. Let's clarify one thing upfront: MetaMask does NOT collect taxes on crypto transactions and we have not made any changes to our terms to do so. This claim is false.— ConsenSys (@ConsenSys) May 21, 2023
ConsenSys, a leading blockchain software technology firm, stated that the terms referenced are not new. Instead, they apply to products subject to sales tax within its terms of service and fall under the broader category of “fees and payment.’ It exclusively pertains to products and paid plans offered by ConsenSys, such as Infura’s credit card developer subscriptions.
To dispel any confusion, ConsenSys emphasized that this section of its terms does not apply to MetaMask or any other products that do not involve sales tax. While the firm recognizes that legal terminology can be intricate, it reassures users that MetaMask remains unaffected by these terms.
Over the weekend, the supposed new MetaMask policy caused controversy, with crypto enthusiasts raising concerns that the new policy could undermine decentralization and impose tax obligations on users.
BREAKING METAMASK NEW UPDATE IN TERMS AND POLICY WILL WITHHOLD YOUR TAXES. DECENTRALIZATION IS DYING pic.twitter.com/wqpwAd2BQh— Ash Crypto (@Ashcryptoreal) May 21, 2023
According to a screenshot shared by Twitter user, MetaMask has become responsible for identifying and paying taxes and fees on transactions and payments made through its platform.
Some suggested that MetaMask added the line to appease Apple (NASDAQ:AAPL) and banking partners, while others questioned which country’s taxes would be withheld in complex situations involving users from different jurisdictions.
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