Chainalysis Reveals $457B in Taxable Crypto Activity Exceeds CARF Scope

A new report by Chainalysis estimates that there was at least $457 billion in taxable crypto activity globally in 2025. The US 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.

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

Chainalysis found that transactions covered by the OECD's Crypto-Asset Reporting Framework (CARF) account for just 14% of the onchain taxable activity it identified. The remaining 86% includes activity on decentralized exchanges, peer-to-peer transfers, onchain income streams and payments.