- The crypto community had been alarmed by the new tax clause in MetaMask’s Terms of Services.
- The platform Accointing by Glassnode provided clarifications on the issue, requesting users to stop spreading misinformation.
- The data tracker explained that the tax clause is applicable only to users who purchase products or services from MetaMask.
The crypto portfolio tracker Accointing by Glassnode shared a series of Twitter threads clarifying the misconceptions about MetaMask’s tax clause. Countering the rumors about MetaMask’s tax clause that stated the platform has the “right to withhold taxes where required,” Accointing pointed out that the clause is applicable only “to users who purchase products or services from MetaMask.”
Previously, ConsenSys, the developer of the software cryptocurrency wallet MetaMask recently released the Terms of Services, in which the company has incorporated the tax clause, stating: “Each party will be responsible, as required under applicable law, for identifying and paying all taxes and other governmental fees and charges… All fees payable by you are exclusive taxes unless otherwise noted. We reserve the right to withhold taxes where required.”
The crypto community, alarmed by the inconveniences of the tax clause, raised questions about the new schemes that contradicted the decentralization of the crypto industry. For instance, Anton Bukov, the co-founder of 1inch Network, sought explanations for the same.
On May 21, Accointing came forward with facts, elucidating that the tax clause would not be applicable to anyone who does not “purchase any products or services from MetaMask”:
The data tracker requested the readers to “stop spreading misinformation,” further explaining that the taxes mentioned in the tax clause do not refer to the capital gains tax, “but the taxes due on any sales of services” between the client and the wallet “which is normally paid by the service that collects the tax”.