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ConsenSys, the company behind cryptocurrency wallet MetaMask, has debunked rumors that it collects taxes from cryptocurrency users.
The company informed its 270,000 Twitter followers on May 22 that the rumors were based on “false information” created by Metamask. terms of Service.
We are aware of Tweets circulating misinformation about ConsenSys’ Terms of Service.
Let’s make one thing clear first: MetaMask does not collect taxes on crypto transactions and we have not changed our terms to do so.
This claim is false.
— ConsenSys (@ConsenSys) May 21, 2023
The company clarified that the tax clause of its terms of service referred specifically to the products and payment plans offered, and had nothing to do with on-chain crypto transactions.
“The legal terminology can be complicated, but it is important to emphasize that this section does not apply to Metamask or any other product that does not include sales tax.”
“MetaMask does not collect taxes on crypto transactions and we have not made any changes to our terms to do so.”
Some members of the crypto community cried foul on May 21 after noting a clause in MetaMask’s terms of service that stated that the company “reserves the right to withhold taxes where necessary,” some people said. believes it is related to users’ income tax.
The misinformation quickly grew to make the front page of r/cryptocurrency on Reddit, where it has collected over 500 upvotes and 600 comments at the time of publication.
Screenshots of the highlighted section were also picked up by several large accounts on Twitter, some of whom vehemently claimed that MetaMask was now following the same path as Ledger which recently surprised users with a controversial upgrade. Was.
If you haven’t paid taxes, Meta Mask will hold your crypto.
Why should Laser have all the fun?
Meta Mask has now joined the party!
— Kashif Raza (@simplykashif) May 21, 2023
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While not everyone got into the gossip, some in the crypto community quickly shut down the claims: “Everyone is blindly tweeting about the MetaMask tax clause in the TOS but not actually reading it,” wrote a Twitter user with the pseudonym @printer_brrr,
“If you buy a product from them, they can withhold taxes like sales tax for that product. Just like Amazon does when you buy from them,” he said.
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