Blockchain analytics firm Chainalysis estimates that at least $457 billion in potentially taxable on-chain cryptocurrency activity occurred worldwide in 2025. According to its report published on August 26, 2026, only about 14% of that activity falls under the OECD’s Crypto-Asset Reporting Framework (CARF), leaving a significant share outside automatic tax reporting.
The estimate includes capital gains from trading, income from crypto mining, staking and lending, and crypto-denominated transactions across six major blockchain networks. It intentionally excludes trading and other operations inside centralized exchanges. North America accounted for the largest share at nearly $134.6 billion, followed by the European Union at $125.1 billion. Chainalysis also highlights stablecoin payments as the largest and most internationally distributed flow.
CARF, developed by the OECD in 2022, requires crypto-asset service providers such as exchanges, brokers, dealers and ATM operators to collect customer information and report transactions to local tax authorities, which may then share data internationally. Collection began on January 1, 2026, in 48 countries, including the United Kingdom and the European Union.
However, Chainalysis says the remaining 86% of potentially taxable activity takes place through decentralized exchanges, peer-to-peer transfers, on-chain income streams and direct crypto payments without centralized intermediaries. Colby Mangels, an OECD adviser involved in developing CARF, said the framework was designed for organizations that facilitate cryptocurrency transactions, which is why most DeFi solutions are excluded. He added that tax authorities are monitoring anti-money laundering developments that could bring some DeFi platforms or operators into reporting obligations in the future.
For individual crypto users, the lack of automatic reporting does not remove tax liability; in most jurisdictions they are still legally required to self-report taxable crypto income. For regulators, the data underscores the difficulty of tracking crypto-related income across borders and the need for new analytical tools.
