Is MetaMask Going To Withhold Users' Crypto For Taxes?
One of the most popular crypto wallets MetaMask is doing an awesome job to onboard people into the crypto industry. They make it easy and simple to buy crypto with fiat currency. People can use PayPay to purchase Ethereum directly.
But is Metamask going to withhold your crypto for taxes? People are talking about it which creates some noise in the crypto community. Popular crypto hardware manufacturer Ledger is heavily criticized for offering the private seed phrase recovery service known as Ledger Recover. You can feel the present sentiment in the market.
Now when you see the terms of use about MetaMask that they have the right to withhold taxes if that is required, people can react quickly. What the trusted crypto hardware provider Ledger is about to do with Ledger Recover, that is unexpected. The FUD about Metamask spreads pretty quickly.
You may not differentiate the FUD and facts at a glance sometimes. I am not a lawyer or, do not have expertise in that field. The parent company of MetaMask tweeted about this and cleared its stance. They mentioned that they did not change their terms of use and do not collect taxes on customers' cryptocurrency transactions.
If you visit MetaMask's official website and click the terms of use, it will redirect you to the consensys website. In the Fees and Payment section, they mention reserving the right to withhold taxes. But it is exclusively for their products and paid plans that they offer.
Bad news spread super fast. The good news does not spread at the same speed. By the way, MetaMask has the right to change and update its terms and conditions based on changing situations and regulations. So things can change later in the future.
The centralized authority will do its thing to sustain its power. They will not let crypto adoption happen easily since they view it as a major threat to their power and control. Let's see what people adopt and how everything moves forward.
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