Crypto Wallet MetaMask Does Not Collect Taxes on Blockchain Transactions, Says ConsenSys Developer

Crypto Wallet MetaMask Does Not Collect Taxes on Blockchain Transactions, Says ConsenSys Developer

ConsenSys clarifies that they are not collecting taxes on crypto transactions, debunking rumors circulating on social media.

MetaMask developer ConsenSys is dispelling the speculation that they are collecting taxes on cryptocurrency transactions.

The blockchain tech software company tells its 270,700 Twitter followers that the tax rumor circulating on social media is simply not true.

“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 cryptocurrency transactions, and we have not made any changes to our terms to do so. This claim is false.”

ConsenSys reveals the inaccurate claim is according to a misreading of MetaMask’s terms of service. They say the tax provisions only relate to the sales tax charged for their own products and services. They likewise note that they are not new provisions in the terms of service.

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“At ConsenSys, our goal is to make Web 3.0 universally easy to use, access, and build upon through our suite of products. It’s critical 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 ‘ charges and payment’ section, and it exclusively pertains to products and paid plans offered by ConsenSys.

For instance, Infura has credit card developer subscriptions which include sales tax. Legal terminology can be complex, but it’s critical to say that this section DOES NOT apply to MetaMask or any other products that do not involve sales tax.”

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ConsenSys vows to remain transparent with its customers and to correct any misinformation in a timely manner. The company likewise advises people with questions about their products and services to reach out to them.

“We believe in transparency and accuracy in the case of sharing information with our users.

Our commitment to combat misinformation about our products and services remains unwavering. We promote   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.”

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