Global taxable crypto hits $457B as NZ, S. Korea eye reform

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Tax gain activities and regulations have been creating a lot of buzz in the digital currency world lately, as blockchain analytics firm Chainalysis estimated that taxable blockchain digital currency activity reached $475 billion globally in 2025. Meanwhile, New Zealand and South Korea have updates in their tax regulations for crypto.

Chainalysis estimates $457B in taxable crypto activity

According to Chainalysis’s latest report, the U.S. accounted for $112.6 billion, the largest share of the world’s on-chain taxable digital currency activity, followed by Germany and China at $24.1 billion and $21 billion, respectively.

“In 2025, the most recent complete year of data, on-chain taxable crypto flows — combining realized gains attributed to centralized and decentralized exchanges; income from mining, staking, lending, and gambling; and crypto-denominated payments — reached $457 billion,” the analytics firm said.

In terms of geography, North America leads with $134.6 billion in 2025, followed by the European Union at $125.1 billion and East Asia at $54.7 billion.

The taxable blockchain activity, Chainalysis explained, falls into three categories: gains, income, and payments. These are divided into smaller categories, such as CEX and DEX gains, mining, staking, lending, and gambling income, as well as merchant services and P2P-like payments.