• ConsenSys, the company behind the popular MetaMask crypto wallet, has denied claims that it collects taxes on crypto transactions.
• The particular products and plans are those that involve sales tax only.
• MetaMask does not collect taxes from users‘ assets as this is the user’s responsibility to comply with applicable tax laws.
ConsenSys Denies Claims That It Collects Taxes On Crypto Transactions
ConsenSys, the company behind the popular MetaMask crypto wallet, has denied allegations about it collecting taxes on crypto transactions. The Ethereum blockchain software firm clarified that a section of its terms of service which states that “the right to withhold taxes as necessary” only applies to specific products and paid plans offered by ConsenSys and not MetaMask itself. These particular products and plans involve sales tax only. ConsenSys noted that no user assets are withheld on the premise that the user failed to pay taxes. Compliance with all applicable tax laws when it comes to customer’s assets is completely up to them.
MetaMask Does Not Collect Taxes On Crypto
ConsenSys was quick to clarify any misunderstanding related to these allegations by stressing out that they do not collect any taxes on crypto transactions from their users in any way shape or form. They also mentioned their belief in transparency and accuracy of information shared with users when discussing legal terminology so everyone can understand what they mean without confusion.
Taxes Only Apply To Certain Products And Plans
The terms of service section referred to in allegations about MetaMask collecting taxes on crypto transactions only applies to certain products and paid plans offered by ConsenSys which are those involving sales tax only. These do not include anything related with MetaMask so anyone using this product should be aware that their funds are safe from any kind of taxation imposed by ConsenSys itself.
Users Responsibility To Comply With Tax Laws
When it comesCustomer’s assets, compliance with all applicable tax laws is completely up to them instead of being withheld by Consensys for non-payment of taxes as this would go against their commitment towards transparency and accuracy when sharing information with users regarding legal terminologies related with taxation issues..
Conclusion
In conclusion, despite recent claims circulating online suggesting otherwise, MetaMask does not collect taxes on crypto transactions nor have there been changes made in its terms of service referring specifically towards such issue making sure customers remain informed and protected at all times while enjoying a secure experience provided by this comprehensive cryptocurrency wallet platform created by Consensys .