The parent organization of the cryptocurrency wallet MetaMask has refuted “inaccurate” reports that it is taxing cryptocurrency transactions.
The company behind the development of the cryptocurrency wallet MetaMask, ConsenSys, has shot down accusations that it taxed users of cryptocurrencies.
On May 22nd, the firm tweeted to its 270,000 followers that the rumors were “inaccurate information” derived from a misinterpretation of MetaMask’s terms of service.
MetaMask clarifies tax section in terms of service
Popular cryptocurrency wallet MetaMask has clarified that a tax-related clause in its terms of service does not apply to on-chain crypto transactions. The business emphasized that the tax part does not apply to MetaMask or any other products and only pertains to the products and paid plans that are provided.
The section of MetaMask’s terms of service caused several members of the cryptocurrency community to express worry, which led to the confusion. Some users took the phrase to mean that the company would deduct taxes for their personal income taxes. But MetaMask made it clear that the clause applied to other taxable transactions rather than personal income taxes.
The intention of MetaMask’s clarification is to clear up any confusion and reassure users that the tax part of the terms of service does not apply to their personal income taxes. It emphasizes how crucial it is to properly evaluate legal jargon and look for reliable information to prevent unwarranted worries within the crypto community.
The misinformation rapidly surged up the ranks to make the front page of r/cryptocurrency on Reddit, where it has gathered more than 500 upvotes and 600 comments at the time of publication.