Crypto and taxes: Chainalysis Reveals a $457 Billion Cap

International tax rules still see only a small part of on-chain crypto activity. Chainalysis estimates potentially taxable flows observed in 2025 across six major blockchains at at least 457 billion dollars. The OECD’s CARF would directly cover only 14%. The remaining 86% notably go through DeFi, peer-to-peer transfers, staking, or payments.

In brief

Crypto Already Represents 457 Billion Dollars

The CARF is indeed beginning to take shape in several countries. France is preparing, for example, the extension of DAC8 with the new international tax framework on cryptos. Chainalysis looked at what directly circulates on the blockchains.

Its estimate reaches 457 billion dollars for 2025. The figure includes realized capital gains, certain incomes from mining, staking or lending, as well as payments made in crypto.

The United States leads with 112.6 billion dollars. The European Union totals 125.1 billion. France represents about 9.4 billion dollars, split between 1.7 billion in income, 2.5 billion in gains, and 5.2 billion in payments.