MetaMask will not seize cryptocurrencies to pay taxes
Recently, there has been a buzz on the networks about the updated rules of ConsenSys (the owner of MetaMask). There is a clause stating that the company reserves the right to charge government taxes and fees. Many perceived this as a threat to MetaMask users. And they even wrote that “decentralization is dying”.
BREAKING
METAMASK NEW UPDATE IN TERMS AND POLICY WILL WITHHOLD YOUR TAXES. DECENTRALIZATION IS DYING pic.twitter.com/wqpwAd2BQh
— Ash Crypto (@Ashcryptoreal) May 21, 2023
To clarify the situation, ConsenSys has published a detailed explanation. Let’s start with the most important:
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 (@ConsenSys) May 21, 2023
As for the point at issue, it refers to certain ConsenSys products that are subject to taxes. For example, the Infura service has buyers who are credit card developers. By law, they must take into account taxes on payments when introducing their product.
ConsenSys emphasized that legal terminology can sometimes be complex and confusing. But MetaMask and any other products of the company do not involve paying taxes.
The other day MetaMask added the ability to buy ETH via PayPal. But so far only in the US.
Source: bitcoinlinux.com
