MetaMask Wallet Doesn’t Collect Taxes on Crypto Transactions

• ConsenSys clarifies that MetaMask does not collect taxes on crypto transactions and dispels rumors circulating in the crypto community.
• MetaMask developer ConsenSys emphasizes transparency, commits to correcting misinformation promptly, and leaves tax responsibility to users.

Currently, there’s been a major uproar in the crypto community over the rumors that the popular software crypto wallet MetaMask has been collecting taxes on crypto transactions. In the latest, MetaMask developer ConsenSys has dispelled the rumors telling all of its 270,700 Twitter followers that the rumor circulating on social media regarding tax collections is simply not true.

ConsenSys stated:

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 said that the rumors spread after the misreading of MetaMask’s terms of service. They clarified that the tax provisions only relate to the sales tax charged for its products and services. ConsenSys also clarified that these are not new provisions in the terms of service. It added:

At ConsenSys, our goal is to make Web3 universally easy to use, access, and build upon through our suite of products. It’s important to note that the terms referenced are not new. They apply to our products that are subject to sales tax. The tax section in our terms of service falls under the ‘fees and payment’ section, and it exclusively pertains to products and paid plans offered by ConsenSys.

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For example, Infura has credit card developer subscriptions 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.

MetaMask Vows to Maintain Transparency

ConsenSys has announced that it will remain absolutely transparent with its customers and shall correct any kind of misinformation in a timely manner. It noted:

We believe in transparency and accuracy when it comes to sharing information with our users. Our commitment to combat misinformation about our products and services remains unwavering. We encourage everyone to visit our website to learn more about our products and reach out to us if you have any questions or concerns. We value our community’s trust and appreciate your continued support. Rest assured, we will always strive to provide you with reliable and truthful information.

In order to align with the principles of the crypto industry, MetaMask has decided to leave the responsibility of handling taxes to its users, causing confusion among many. However, a statement in the company’s terms of use, which states that MetaMask may withhold users’ taxes unless specified otherwise, has led to speculation, particularly in light of growing crypto regulations, particularly in the United States.

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