Chainalysis estimates that at least $457 billion in potentially taxable crypto activity was visible on-chain in 2025, a figure considered a conservative estimate. The United States accounts for $112.6 billion, nearly a quarter of the global total, ahead of Germany ($24.1 billion), China ($21 billion), and the United Kingdom ($19.4 billion). The OECD’s international CARF framework, implemented in Europe via DAC8 since January 2026, covers only 14% of identified flows, leaving approximately $393 billion outside its practical scope. DEX transactions, peer-to-peer transfers, self-custody, and on-chain income escape intermediaries’ reporting obligations, leaving tax authorities largely dependent on direct blockchain analysis.
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