Metamask Implemented Crypto Tax on their ToS - page 3.

coin-investor

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

So is anyone seen the pop up on their app regarding the newly changes terms and conditions services?

Its not also clear on how they are gonna do this per country with different taxation regarding cryptocurrency.

I miss this one when reading the pop-up but this is something new and I also wonder how will the implementation be being a noncustodial wallet they only have it in their terms but there's no formal announcement and how it will operate
and guidelines for implementation, there's a lot of confusion in the community on these new terms.

All I know is it's the investors who have control when it comes to paying taxes to their respective countries.
if they are planning to have a custodial wallet then we will read an announcement and this taxation is just a prelude to that.

vv181

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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/

Nwada001

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

As a decentralized non custodial wallet, I think this would break its concept means they are gonna do kyc to identify wallets for taxation or they just gonna cut some tax based on trasaction made on metamask swap?

I don't think those taxes will be implemented on all users crypto transactions, for it would be unwise of them since they don't know the country in which the users who are performing transactions are based or how their tax law is being explained.

But what I think is that Metamask might gradually move from being a decentralized wallet to more of a custodial wallet since they have already implemented a few payment gateways to their system, so users can now use their credit or debit card to purchase crypto directly using their wallet. This will, at some point, link the user's card and other verifications to an individual wallet that the government can keep track of. So this form of transaction I believe is the way they plan to be charging their customers since anyone who wants to use those options is also showing their identity, which they can use to justify which country the person is using their wallet from and charge them based on the country's tax law. This is just my guess and suggestions.

Anyone who cares about his or her privacy will be strongly advised to avoid using those newly integrated purchase options.

cryptoaddictchie

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So is anyone seen the pop up on their app regarding the newly changes terms and conditions services?

A post here on Twitter emphasized that metamask would withhold taxes on users. As a decentralized non custodial wallet, I think this would break its concept means they are gonna do kyc to identify wallets for taxation or they just gonna cut some tax based on trasaction made on metamask swap? Have anyone tried or seen an option when using it? Its not also clear on how they are gonna do this per country with different taxation regarding cryptocurrency.

Image source:
https://twitter.com/Ashcryptoreal/status/1660160399998689281?s=20

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?

Topic: Metamask Implemented Crypto Tax on their ToS - page 3. (Read 352 times)