Chainalysis estimates $457B in taxable crypto activity, says CARF misses most

The blockchain analytics firm said just 14% of the onchain activity it identified is covered by the OECD’s international crypto tax-reporting framework.

Potentially taxable onchain crypto activity reached at least $457 billion globally in 2025, while international reporting rules may capture only a fraction of it, according to a new Chainalysis report.

The US accounted for an estimated $112.6 billion of the total, while North America led all regions with $134.6 billion, followed by the European Union at $125.1 billion.

The estimates include realized gains, income from activities such as mining, staking and lending, and crypto-denominated payments across six major blockchains, but exclude trading and other activity conducted within centralized exchanges.

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