Crypto Tax Activity Soars to $457B in 2025
According to a recent report by Chainalysis, global crypto tax activity reached an estimated $457 billion in 2025. This figure represents potentially taxable on-chain activity worldwide and is likely a floor rather than a ceiling, as it excludes trading conducted inside centralized exchanges.
The United States accounted for the largest share of this activity, with approximately $112.6 billion, followed by North America at $134.6 billion, the European Union at $125.1 billion, and East Asia at $54.7 billion.
Chainalysis also estimated that the OECD's Crypto-Asset Reporting Framework (CARF) captures only about 14% of on-chain taxable activity, leaving roughly 86% outside its reach. CARF is a standard used by dozens of countries to automatically exchange crypto tax information starting in 2027.