• ConsenSys, the company behind the popular MetaMask crypto wallet, has denied claims that it collects taxes on crypto transactions.
• 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.”
• ConsenSys clarified that this section only applies to specific products and paid plans offered by them and not to MetaMask itself.
MetaMask Does Not Collect Taxes On Crypto Transactions
ConsenSys, the company behind the popular MetaMask crypto wallet, has denied allegations that it collects taxes on cryptocurrency transactions. In response to these claims, ConsenSys clarified that a section in its terms of service referred to in those allegations only applies to given products and paid plans offered by them, not MetaMask.
What Was Alleged?
The uproar appears to have stemmed from a section of MetaMask’s terms which states that the wallet retains „the right to withhold taxes as necessary.“ These allegations suggested that this applied for all users of the platform.
In response, ConsenSys clarifies that this particular part of their T&Cs only applies specifically for certain products and paid plans they offer such as Infura’s credit card developer subscriptions which include sales tax. It does not apply generally for all users or for other products like MetaMask itself.
No Withholding Of User Assets
Consensys also assures users that no user assets are withheld on the premise that they failed to pay taxes or any other reason. Compliance with applicable tax laws when it comes customer assets is solely up to each individual user themselves and not something handled by Consensys or any other third party provider.
Transparency To Users
The firm emphasizes its commitment towards transparency and accuracy when it comes sharing information with users about its services and products. They encourage everyone to read through their T&Cs carefully so as not be confused about different sections applying differently than what may have been assumed at first glance.