Chainalysis estimates $457B in taxable crypto activity, says CARF misses most

Potentially taxable onchain crypto activity reached at least $457 billion globally in 2025, while international reporting rules may capture only a fraction of it, according to a new Chainalysis report.The US accounted for an estimated $112.6 billion of the total, while North America led all regions with $134.6 billion, followed 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, but exclude trading and other activity conducted within centralized exchanges.Chainalysis said transactions covered by the Organisation for Economic Co-operation and Development’s (OECD) 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.CARF, developed by the OECD in 2022, requires covered crypto service providers to report customer transaction data to tax authorities.CARF covers only 14% of potentially taxable onchain crypto activity. Source: ChainalysisRelated: Chainalysis sues US ...