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FollowingBlockchain analysis company Chainalysis reports: The scale of potential taxable crypto activity on the global chain in 2025 will reach at least US$457 billion
According to a report released by Chainalysis on August 26, 2026, this figure covers capital gains, cryptocurrency mining income, pledge and loan income, and transactions denominated in cryptoassets on six major blockchain networks. This statistic specifically excludes cryptocurrency transactions and other operations within centralized exchanges.
Of the total of US$457 billion, North America accounted for the largest proportion, contributing nearly US$134.6 billion; the European Union followed closely, reaching US$125.1 billion. In a separate special report, Chainalysis further subdivided the above-mentioned on-chain activities into crypto transaction revenue, on-chain revenue and digital payments, and pointed out that stablecoin payments are the largest and most international stream.
CARF focuses on crypto exchanges, DeFi still has difficulty tracking
The Cryptographic Asset Reporting Framework (CARF) developed by the OECD in 2022 requires service providers to disclose transaction information to local tax authorities, which can forward it to the taxpayer's country. According to Chainalysis's report, 48 countries, including the United Kingdom and the European Union, have begun information collection on January 1, 2026, and relevant service providers currently need to collect additional customer information and tax resident identity information.
The framework is mainly aimed at intermediaries. Chainalysis pointed out in its interpretation of CARF released in 2022 that CARF targets "reporting crypto asset service providers"-that is, exchanges, brokers, dealers and ATM providers that provide trading services to customers as a business. The same document also clearly states that "there is currently no broad exemption for existing types of decentralized exchanges," but bulletin board platforms and pure software providers may not be covered by CARF.
CARF missed 86% of potential taxable crypto activity
According to Chainalysis, the transaction volume covered by CARF accounted for only 14% of all on-chain taxable activity detected by the company. The remaining 86% of activities are done through decentralized exchanges, peer-to-peer transactions, revenue streams and payments, and no institution collects commissions or holds funds in these activities.
Colby Mangels, an OECD consultant who was involved in developing CARF, said the framework was designed for organizations that promote cryptocurrency trading, so most DeFi solutions were excluded. But this situation may change in the future. Mangels said tax authorities are focusing on developments in the area of anti-money laundering regulations that will prompt some DeFi platforms or operators to become reportable service providers.
