$457B of Taxable Crypto Activity Uncovered, But Most May Remain Off-Record

A recent Chainalysis report has estimated that $457 billion of taxable crypto activity occurred globally in 2025. However, the report also highlights a significant gap in reporting requirements, with only about 14% of this activity likely captured by international tax rules.

The United States accounted for around $112.6 billion of this total, while North America led regions with over $134.6 billion, followed closely by the European Union at $125.1 billion. Chainalysis notes that its estimates include realized gains, income from activities such as mining and staking, and crypto-denominated payments.

However, the report emphasizes a structural mismatch between the reporting requirements under the OECD's Crypto-Asset Reporting Framework (CARF) and the actual taxable activity on public blockchains. CARF coverage begins in 2026, with reporting phased in across 48 jurisdictions, but Chainalysis estimates that this will only cover a limited portion of activity.

According to Colby Mangels, a former OECD adviser who worked on CARF, the framework was designed around traditional intermediaries and may not account for decentralized finance (DeFi) activities. This raises questions about how regulators will address the gaps in reporting requirements and whether they will extend obligations further into DeFi ecosystems.