HomeNewsEthereum and ConsenSys Set the Record Straight: MetaMask Wallet Exonerated, No Crypto...

Ethereum and ConsenSys Set the Record Straight: MetaMask Wallet Exonerated, No Crypto Tax Collection – Debunking the Disinformation

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    • ConsenSys, the developer of MetaMask, debunked rumors alleging the collection of taxes on crypto transactions, labeling them as false and inaccurate.
    • They clarified that the tax provisions apply exclusively to their own products and services subject to sales tax, not to MetaMask or other products exempt from sales tax.

Misinformation about Tax Collection Debunked

The developer behind the popular crypto wallet MetaMask, ConsenSys, has debunked the circulating rumors alleging tax collections on blockchain transactions. The software company, specialising in blockchain solutions, vehemently denied these speculations in a statement to its substantial Twitter following of over 270,000. They highlighted the importance of distinguishing the false information circulating on social media about ConsenSys’ terms of service.

“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 clarified.

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The firm further explained that these false claims are born out of misinterpretations of MetaMask’s terms of service. They emphasized that the tax stipulations in question solely relate to sales tax charges on their products and services, not on crypto transactions via MetaMask or any other tax-exempt products.

ConsenSys’ Commitment to Transparency and Accuracy

ConsenSys stressed that these tax provisions are not recent additions to their terms of service. They stated,

“At ConsenSys, our goal is to make Web3 universally easy to use, access, and build upon through our suite of products. The tax section in our terms of service falls under the ‘fees and payment’ section, and it exclusively pertains to products and paid plans offered by ConsenSys. For example, Infura has credit card developer subscriptions which include sales tax.”

Acknowledging the complexity of legal terminologies, they emphasized the importance of accurate understanding and interpretation. ConsenSys stands committed to maintaining transparency and accuracy in its information dissemination. They promise to proactively address and correct any misinformation that surfaces.

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They urged their customers and other interested individuals to seek clarifications about their products and services directly from them.

“We believe in transparency and accuracy when it comes to sharing information with our users. 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,”

ConsenSys concluded.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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