ConsenSys, the company behind crypto wallet MetaMask, has cleared up rumors that it is taxing cryptocurrency users. The company notified its 270,000 Twitter followers on May 22 that the rumors were based on "inaccurate information" based on a misinterpretation of Me taMask's terms of service.
The company clarified that the tax section of its terms of service refers only to the products and paid plans offered and has nothing to do with on-chain cryptocurrency transactions.
"The Legalese Can Be Complex, But it's important to emphasize that this section does not apply or any other product that does not innolve sales tax. "" Metamask DOES Not Tax Crypto Transactions, NOR HAVE We AMENDED OUR TORMS TO Do SO. " Certain members of the crypto community raised eyebrows on May 21 after users noticed a section of MetaMask's terms of service stating that the company "reserves the right to withhold taxes as needed," which some felt had nothing to do with users. related to in come tax.
The misinformation quickly rose to the front page of r/cryptocurrency on Reddit, having amassed more than 500 upvotes and 600 comments at the time of publication. Screenshots of the highlighted section were also taken by a number of big accounts on Twitter, some of who m Strongly claimed that MetaMask is now following the same path as Ledger, which recently surprised users with a controversial upgrade.
However, not everyone believed the gossip, and some crypto communities were quick to stop the claims. “Everyone is tweeting mindlessly about the MetaMask tax clause in the TOS without actually reading it,” wrote anonymous Twitter user printer brrr. product from them, they can withhold taxes on that product, such as sales tax. Just like Amazon does when you buy from them," they added.
