Global Taxable On-Chain Crypto Activity Reaches $457 Billion by 2025, CARF Coverage Only 14%

Blockchain analysis firm Chainalysis has reported that the global potential taxable on-chain crypto activity is expected to reach at least $457 billion by 2025, with approximately $112.6 billion in the United States, $134.6 billion in North America, and $125.1 billion in the European Union. The estimate includes realized gains, mining, staking, lending income, and cryptocurrency payments, excluding activities such as trading on centralized exchanges. Chainalysis noted that only 14% of the identified on-chain taxable activities fall under the coverage of the OECD Crypto Asset Reporting Framework (CARF), while the remaining 86% involve decentralized exchanges, peer-to-peer transfers, on-chain income flows, and payment activities. CARF was established by the OECD in 2022, requiring eligible crypto service providers to report customer transaction data to tax authorities. Data collection under CARF is set to begin on January 1, 2026, across 48 jurisdictions, including the UK and EU member states, with relevant platforms required to collect customer and tax resident information and report transaction data.