According to the company, CARF (DAC8 in the EU) covers only 14% of the potentially taxable on-chain activity identified.
Chainalysis estimates that potentially taxable on-chain activity involving digital assets reached at least $457 billion globally in 2025. The estimate includes activity on six major blockchains and excludes trading and other activity conducted within centralised exchanges.
According to the company, the calculation includes realised capital gains, income from mining, staking and lending, as well as payments denominated in digital assets. The United States accounts for an estimated $112.6 billion; North America reaches $134.6 billion and the European Union $125.1 billion.
Chainalysis states that transactions covered by the Crypto-Asset Reporting Framework, developed by the OECD in 2022, account for only 14% of potentially taxable on-chain activity identified. The remaining 86% includes activity on decentralised exchanges, peer-to-peer transfers, on-chain income flows and payments.
Data collection under CARF (DAC8 in the EU) began on 1 January 2026 in 48 jurisdictions, including the United Kingdom and the European Union. Digital asset service providers within its scope collect information on customers and their tax residency and report transaction data to national tax authorities, which can share the information across borders.
According to the source, DeFi may lack a centralised operator or custodial relationship on which reporting obligations can be imposed.
