MetaMask ‘Does Not Collect Taxes On Crypto Transactions' Says ConsenSys in Push Back
ConsenSys, the company behind the popular self-custodial crypto wallet MetaMask, has denied allegations that it collects taxes from users.
In a Saturday tweet, the company clarified that the rumors were based on ”inaccurate information” drawn from a misreading of MetaMask’s 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," the company said, adding that the claim is "false."
The misunderstanding allegedly stemmed from a circulated screenshot of MetaMask terms and conditions that said the company reserves "the right to withhold taxes where required.”
The blockchain company said the section exclusively referred to products and paid plans offered by ConsenSys, such as credit card developer subscriptions by Infura, which include sales tax.
“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,” the company said.
“MetaMask does not collect taxes on crypto transactions and we have not made any changes to our terms to do so.”
The misinformation spread like wildfire after it was posted on the r/CryptoCurrency subreddit, where it has gathered more than 500 upvotes and 600 comments.
A number of crypto influencers also picked up the news, further contributing to the spread of the misinformation.
The backlash from the community came as ConsenSys had previously added some concerning changes to its privacy policy.
Back in November, the company revealed that it will start collecting certain user-provided data, such as identity information (name, username, gender, date of birth, etc.), profile information (including username
Read more on cryptonews.com
