$457B in Global Taxable Crypto Activity, but CARF Only Covers 14%

A new Chainalysis report estimates that globally, there was at least $457 billion in taxable onchain crypto activity in 2025. This figure includes realized gains from crypto transactions, income from activities like mining and staking, and payments across six major blockchains.

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

However, Chainalysis notes that the Organisation for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF) may only capture a small fraction of this activity. CARF requires covered crypto service providers to report customer transaction data to tax authorities, but Chainalysis estimates that it covers only 14% of potentially taxable onchain crypto activity.