Chainalysis said in its Crypto Tax Report that global potentially taxable on-chain crypto activity exceeded $457 billion in 2025. The United States ranked first at about $112.6 billion, followed by Germany at $24.1 billion, China at $21 billion, the United Kingdom at $19.4 billion, and India at $19 billion. The report groups taxable activity into three buckets: capital gains, income, and payments, with income including on-chain proceeds from mining, staking, and lending. By region, North America led with $134.6 billion, followed by the European Union at $125.1 billion and East Asia at $54.7 billion. Chainalysis also said the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, or CARF, covers off-chain transactions at centralized exchanges and some on-chain activity, but only accounts for 14% of global taxable activity. The remaining 86%, including DEX trades, peer-to-peer transfers, on-chain income, and payments, sits outside that scope, meaning tax authorities would still need on-chain data to see the broader picture even if CARF is fully implemented.
Chainalysis said in its Crypto Tax Report that global potentially taxable on-chain crypto activity exceeded $457 billion in 2025.
By country, the United States ranked first at about $112.6 billion. Germany followed at $24.1 billion, China at $21 billion, the United Kingdom at $19.4 billion, and India at $19 billion.
The report divides taxable activity into three categories: capital gains, income, and payments. Income includes on-chain proceeds from mining, staking, lending, and related activity.
By region, North America posted the largest volume at $134.6 billion. The European Union came next at $125.1 billion, while East Asia ranked third at $54.7 billion.
According to the report, the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, or CARF, covers off-chain transactions on centralized exchanges as well as some on-chain activity, but that scope represents only 14% of global taxable activity. The other 86% — including DEX trades, peer-to-peer transfers, on-chain income, and payments — falls outside the framework.
Chainalysis said that even with full CARF implementation, tax authorities would still see only a small share of taxable activity and would need on-chain data to understand the full picture.
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