Metamask Implemented Crypto Tax on their ToS - page 2.

Apocollapse

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Quote from: Coyster on May 22, 2023, 09:03:01 AM

Metamask have debunked the news as being false, a user already posted that some posts above mine. When i initially saw this i couldn't wrap my head around the procedure they were going to use to achieve this, it is centralized services that are known to do stuffs like this, that's why i'm not surprised it turned out to be false.

But it doesn't make Metamask will not ever implemented this kind horrible rule. I remember someone hold his tokens on Metamask, but Metamask not allow him to send his tokens because he's live in a country where Metamask implemented a new rule about banned jurisdictions.

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I guess unstoppable wallet is good, i haven't personally used it because i mostly only buy/use Bitcoin, but i have seen some users recommend it.

That's a good recommendation, I though unstoppable wallet is only accept Bitcoin, but it's actually a multi crypto wallet. Although it seems not many people use it, but I have not heard about serious accusations against this wallet.

Bolivar_Tony

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Metamask is really going stronger by the day and i really appreciate the impact they have made in crypto space, I read some where that they might do airdrop in the future, anybody know how true this is?

Games.Bitcoin

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MetaMask, a popular cryptocurrency wallet and browser extension, has recently implemented a new addition to their Terms of Service (ToS) regarding crypto tax. With the increasing regulatory scrutiny surrounding digital currencies, MetaMask has recognized the importance of addressing tax obligations for its users. The inclusion of a crypto tax provision in their ToS signifies MetaMask's commitment to promoting compliance and responsible use of cryptocurrencies. By acknowledging the significance of tax compliance, MetaMask aims to provide a transparent and legally compliant platform for its users, ensuring that they are well-informed about their tax obligations when engaging in cryptocurrency transactions.

Xal0lex

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Soon KYC will be in every wallet. Even in hardware wallets. MetaMask, like other wallets, has long collected KYC, such as when connecting various payment gateways or when trying to buy or exchange cryptocurrency for fiat currencies. MetaMask has long been notorious for its bad reputation as a wallet that collects personal data of its owner. It is unlikely that this mechanism will work everywhere for every wallet user, because all countries have different tax systems. Most likely, the news is intended primarily for North America.

Coyster

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Quote from: Apocollapse on May 22, 2023, 08:39:56 AM

Metamask now become a less decentralized wallet where they restrict few jurisdictions and now they would withhold their users token due to tax need.

Metamask have debunked the news as being false, a user already posted that some posts above mine. When i initially saw this i couldn't wrap my head around the procedure they were going to use to achieve this, it is centralized services that are known to do stuffs like this, that's why i'm not surprised it turned out to be false.

Quote from: Apocollapse on May 22, 2023, 08:39:56 AM

Now what's the good wallet to use for altcoins? Huh

I guess unstoppable wallet is good, i haven't personally used it because i mostly only buy/use Bitcoin, but i have seen some users recommend it.

Apocollapse

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Metamask now become a less decentralized wallet where they restrict few jurisdictions and now they would withhold their users token due to tax need.

Trust wallet is closed source and sometime have a terrible fee measurement.

Ledger aka hardware wallet has a problem of sharing private key to third party, we have other options, but we don't know if they might turn be like ledger.

Now what's the good wallet to use for altcoins? Huh

I guess Myetherwallet (MEW)?

dimonstration

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Quote from: cryptoaddictchie on May 21, 2023, 04:59:44 AM

I think many would be alarm on this but Im thinking they are doing this to suffice their partners on the industry to avoid being targeted to violations by SEC. Anyway metamask is a business after all. Any thoughts?

As understand the full context of that update. They will charge as requirements of the law that means it depends on the country you are residing before they apply taxes on your assets. AFAIK metamask track our personal info including our IP to determine our country.

It’s really bad news for all user that using crypto to avoid tax but somehow that update is good for audit purposes since you will automatically pay your taxes automatically when IRS audit you.

judeafante

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Quote from: vv181 on May 22, 2023, 12:49:02 AM

It is also worth noting, some people did not know that MetaMask's parent company is ConsenSys. Two things that I also did wrong in my post above, I thought the updates were recent, but it is not. Lastly, it is specifically for other ConsenSys products, not MetaMask.

So we are worrying about something that is not there, if that is the case then its better to lock this thread because all the other early posts are specifically mentioning that the taxes are for meta mask users when it turns out to be on ConsenSys products, or better change the title too.

cryptoaddictchie

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Quote from: yazher on May 22, 2023, 01:26:49 AM

They already clarified that their terms are still the same and it might be a sign for their users to take some actions regarding their reliance on Metamask because anytime they could change their terms and might going to cause some trouble to others.

I wonder how powerful the social media. Since it came to their attention the circulating tweets. Now they clarified it easily and push a pedal on the issue. For sure if they push this idea nevertheless the metamask users will totally decrease without a doubt. People dont like to be treated liks some sort of prisoners. Well taxes are due but not in a decentralized space. For sure OGs are tweeting a lot now about metamask craps.

yazher

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Quote from: Godday on May 21, 2023, 11:36:28 PM

I am a Metamask user and I am very comfortable with the user experience of Metamask. It would be a shame if I had to switch to another wallet. But yes of course this is what metamask should do because they have to avoid a fine from the SEC. I think they will change their concept to be a custodial business.

They already clarified that their terms are still the same and it might be a sign for their users to take some actions regarding their reliance on Metamask because anytime they could change their terms and might going to cause some trouble to others. That's why it's nice to have your own personal wallet and only use 3rd party wallets when you really need to. That's to avoid some technical issues such as this one and also remain as unanimous as you want because right now the SEC is not slacking about further expanding their terms until they have full control of the crypto industry.

vv181

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Quote from: Bitcoin_Arena on May 21, 2023, 05:17:47 PM

Quote from: https://twitter.com/ConsenSys/status/1660353688446050304

📢 We are aware of tweets circulating with inaccurate information about ConsenSys' terms of service.

Let's clarify one thing upfront: 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.

Quote from: https://twitter.com/ConsenSys/status/1660353691956772864

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.

That is now crystal clear. Though, they also address how complex documents such as Terms of Service or Policy Policy. The complexion of legal terms that are mainly made and is tied to a specific regular user is a burden for them. Let alone even if they bother to read and comprehend it.

It is also worth noting, some people did not know that MetaMask's parent company is ConsenSys. Two things that I also did wrong in my post above, I thought the updates were recent, but it is not. Lastly, it is specifically for other ConsenSys products, not MetaMask.

Godday

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I am a Metamask user and I am very comfortable with the user experience of Metamask. It would be a shame if I had to switch to another wallet. But yes of course this is what metamask should do because they have to avoid a fine from the SEC. I think they will change their concept to be a custodial business.

wxa7115

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Quote from: goaldigger on May 21, 2023, 05:16:09 PM

Quote from: vv181 on May 21, 2023, 07:58:25 AM

Withhold taxes requires the wallet to effectively control the transactions. I believe MetaMask won't do that further, or even migrate MetaMask into a custodial wallet as the above comment said. On the contrary, I believe such kind of clause is required in order for Consensys to not get into legal trouble.

On the other hand, it seems that it has something to do with their buying cryptocurrency feature[1]. We know that recently cryptocurrency regulations getting tighter, Consensys, as US based company, might add that to play the safe side on their wallet developments.

[1] https://metamask.io/buy-crypto/

This could be their way to prevent being sued in the future, hope its not too late for them though.
I’m just thinking what kind of transactions they are going to impose taxes, is it for buying, swapping or transferring of money? Metamask have to be clear on this so users can decide if they will continue to use the platform or they will just look for alternatives, looks like many wallets will ended up to have the same clause and follow the regulations.

I agree they added this as a way to protect themselves from whatever pressure they are receiving from governments, but now they are facing a well-deserved backlash as the community is realizing they are close to capitulating completely to the governments, and now they are trying to do some damage control and avoid the bad publicity that is coming their way.

I have not used metamask in years but I recommend to those that do to stay away from it or one day they may receive a very nasty surprise.

Hispo

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It kinda sounds like an additional extract in there Terms of Services, so they won't get in trouble with the SEC and the treasury of the United States.

I assume they would not go all in with the leaking of private keys, but I assume it would be just matter of time before Metamask is asked by the government to stockpile as many master public keys as possible, so the agencies can track the movements of each American citizen or suspected American citizen, to evaluate or not if that person is using crypto to evade taxation.

Anyways, with this and the Ledger news on management of Seeds, it seems our community is currently under pressure by regulators. Let us wait and see what happens next...

poodle63

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Quote from: cryptoaddictchie on May 21, 2023, 04:59:44 AM

I think many would be alarm on this but Im thinking they are doing this to suffice their partners on the industry to avoid being targeted to violations by SEC. Anyway metamask is a business after all. Any thoughts?

I can't agree with this. Mostly of crypto related projects who have been targeted by SEC always issued the security. As long as consensys will not try to sell the security to its users and there's nothing to be worried.

Consensys was just updating the TOS for its API. Consensys is now able to suspend account too.

Bitcoin_Arena

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People are still paranoid about this wallet, especially when they decided update their terms and conditions about collection of user data

Anyway about a few hours ago, they tried to clarify on what was actually going on. I still wonder what took them so long to respond to the issue

This is the thread >> https://twitter.com/ConsenSys/status/1660353688446050304

Quote from: https://twitter.com/ConsenSys/status/1660353688446050304

📢 We are aware of tweets circulating with inaccurate information about ConsenSys' terms of service.

Let's clarify one thing upfront: 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.

Quote from: https://twitter.com/ConsenSys/status/1660353691956772864

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.

goaldigger

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Quote from: vv181 on May 21, 2023, 07:58:25 AM

Withhold taxes requires the wallet to effectively control the transactions. I believe MetaMask won't do that further, or even migrate MetaMask into a custodial wallet as the above comment said. On the contrary, I believe such kind of clause is required in order for Consensys to not get into legal trouble.

On the other hand, it seems that it has something to do with their buying cryptocurrency feature[1]. We know that recently cryptocurrency regulations getting tighter, Consensys, as US based company, might add that to play the safe side on their wallet developments.

[1] https://metamask.io/buy-crypto/

This could be their way to prevent being sued in the future, hope its not too late for them though.
I’m just thinking what kind of transactions they are going to impose taxes, is it for buying, swapping or transferring of money? Metamask have to be clear on this so users can decide if they will continue to use the platform or they will just look for alternatives, looks like many wallets will ended up to have the same clause and follow the regulations.

o48o

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Quote from: jacafbiz on May 21, 2023, 03:12:22 PM

The issue now is that these so-called DEFI apps are the ones doing the bidding of the Centralised governments, Uniswap and MetaMask are pure evil and I am surprised that people are not turning against them, things have really changed in this space maybe people have made money and are comfortable with this, so, if you decided to withhold my funds but you claim you are a DEX then this is crazy since they started monitoring people's transaction and I believe they give this information to IRS or other government agencies, we need a truly decentralized wallet that is not tracking you

Ok, hold your horses. What part of this is "pure evil"? The fact that they offered the service to buy with credit card? I guess that makes every shop out there pure evil. Or is it the fact that they follow regulations because they are a technology company based in NYC and have to follow rules or possibly get jailed for not doing so?

If you think they are pure evil by developing free services then by all means find a copypaste dex with anon devs that only offer pure dex services. Preferably one that doesn't rug you and is audited by same company who did uniswap v3. Or build your own one.

I really don't get this hate.

jacafbiz

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The issue now is that these so-called DEFI apps are the ones doing the bidding of the Centralised governments, Uniswap and MetaMask are pure evil and I am surprised that people are not turning against them, things have really changed in this space maybe people have made money and are comfortable with this, so, if you decided to withhold my funds but you claim you are a DEX then this is crazy since they started monitoring people's transaction and I believe they give this information to IRS or other government agencies, we need a truly decentralized wallet that is not tracking you

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I saw it & it sucks. It’s probably forced on them due to regulatory pressure. Just be aware though that this isn’t going to happen to the majority of people. They are just making users aware that if they are a criminal or something & the wallet gets subpoenaed by authorities for information on a person then they will pass the information to the feds. This is not going to happen to 99.999999% of normal, law abiding citizens.

Topic: Metamask Implemented Crypto Tax on their ToS - page 2. (Read 352 times)