ConsenSys, MetaMask’s parent company, took Twitter today to address and clarify a number of inaccurate claims circulating about changes to their terms of service, specifically about the collection of taxes on crypto transactions. The company emphasized that MetaMask, a popular crypto wallet, does not collect tax on cryptocurrency transactions and no amendments have been made to its terms to allow for this.
The firm firmly rejected the rumors that were circulating, stating: “This claim is false.”
The rumors arose amid a period of rapid growth and adoption of digital assets, making the need for clear and accurate information paramount. The main objective of ConsenSys, as communicated, is to facilitate the use, access and development in web3, through its range of products, of which MetaMask is a part.
ConsenSys also sought to clarify the “fees and payments” section of its terms of service. The company noted that the tax-related clauses in it refer exclusively to products and paid plans offered by ConsenSys that are subject to sales tax. Products that fall under this category include Infura, which provides developer subscriptions that require credit card payment and therefore incur sales tax.
In fact, the legalese can be difficult for most users to navigate. In light of this, ConsenSys emphasized that the tax section of its terms of service does not apply to MetaMask or any other product that does not require the collection of sales tax.
Transparency and accuracy in the exchange of information with users are values that Consensys reiterates in its communication. The company is strongly committed to countering misinformation about its products and services. “We value the trust of our community and appreciate your continued support. Rest assured, we will always strive to provide you with reliable and truthful information,” ConsenSys tweeted. ConsenSys’ tweet also expresses the company’s dedication to creating a more accessible web3 future.