Chainalysis: $457B in crypto taxable activity, 86% unreported

Chainalysis estimates $457B in taxable crypto activity for 2025, but only 14% is covered by global reporting rules. Most DeFi and peer-to-peer transactions remain outside tax authorities’ reach.

Chainalysis projects that in 2025, at least $457 billion in potentially taxable on-chain crypto activity will take place globally. However, only 14% of these transactions are expected to be covered by the OECD's Crypto-Asset Reporting Framework (CARF). The report analyzes capital gains, income from mining, staking, lending, and crypto-denominated payments across six major blockchains, excluding activity within centralized exchanges. North America leads with $134.6 billion, followed by the European Union at $125.1 billion, with the US alone accounting for $112.6 billion. Payments represent a significant share, particularly in the US. Most crypto activity remains outside CARF’s scope, especially decentralized finance (DeFi), peer-to-peer transfers, and self-custody wallets, resulting in major gaps in tax reporting. Smaller economies like Nigeria, Kenya, and Portugal also saw notable crypto flows relative to their national revenues. The $457 billion figure is likely a conservative estimate, as not all blockchains or transaction types were included.