Fourteen Percent of $457 Billion in Cryptocurrency Activity Falls Under CARF

Chainalysis has released an estimate of taxable on-chain cryptocurrency activity worldwide for last year. According to their analysis, at least $457 billion in crypto assets were involved in taxable transactions.

This figure represents a significant amount of economic activity, but only a small portion of it falls within the scope of the OECD's Crypto-Asset Reporting Framework (CARF). Chainalysis estimates that about 14% of this total is covered by CARF.

The remaining substantial share of on-chain crypto-asset activity still remains outside reporting requirements under the current CARF framework. This suggests a need for further improvement in tax transparency and international cooperation on crypto-related taxation.