ConsenSys confirmed that MetaMask has not made any changes in its policies and also confirmed that the wallet never charges/cuts any taxes from the customers directly.
MetaMask is a popular Ethereum blockchain-powered Wallet. ConsenSys is the backend engineer team behind the MetaMask wallet. MetaMask wallet is known for its self custody & decentralized crypto trading features. This wallet was created in 2016 & before 2019 this wallet was available to use in the pc browsers in the form of an extension but nowadays people can use it in mobile via app.
Recently few people claimed that MetaMask collects taxes on crypto transactions from the user. On 22 May, The ConsenSys firm officially talked about such rumors and clarified that it doesn’t collect any taxes from the customer’s crypto transactions.
Further on the blockchain firm explained that MetaMask generates money via its paid or subscription services e.g. Infura has credit card developer subscriptions which include sales tax.
“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,” blockchain firm said.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.