$457B in Taxable Crypto Activity Goes Unreported

Chainalysis estimates that taxable crypto activity on major public blockchains reached at least $457 billion worldwide in 2025. However, most of this activity will likely fall outside current international tax reporting rules.

The United States accounted for an estimated $112.6 billion, while North America led all regions with $134.6 billion. The European Union followed with $125.1 billion.

According to Chainalysis' figures, CARF-covered transactions account for just 14% of the taxable onchain activity identified, leaving 86% outside direct reporting.