Chainalysis says global crypto taxable activity topped $457 billion in 2025

Global onchain crypto taxable activity reached at least $457 billion in 2025, with the U.S. accounting for $112.6 billion, according to Chainalysis.

In a report published Wednesday, the blockchain data and analytics platform said its analysis covered Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, and Base networks. The figures represent combined gains, income from mining, staking, lending, and gambling, as well as crypto-powered payments.

Regionally, North America accounted for $134.6 billion of the activity, ahead of the European Union at $125.1 billion, and East Asia at $54.7 billion.

The figures also show how the activity compares with government finances in some countries. In Portugal, $2 billion in taxable crypto activity was equivalent to 201% of the government's $1 billion deficit in 2025. 

In Nigeria, the $4.4 billion of taxable crypto activity represented 12.3% of the country's $35.5 billion in government revenue.

Chainalysis said its methodology excludes activity on centralized exchanges, other blockchains, and some transaction types, meaning the $457 billion figure represents a lower boundary.

Meanwhile, global crypto tax reporting is expanding, with the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework requiring participating service providers to report customer transaction data to tax authorities. Dozens of countries are set to begin exchanging information under CARF in 2027.

But Chainalysis found that CARF-covered events represented just 14% of the on-chain taxable activity in its analysis. The remaining 86% includes decentralized exchange activity, peer-to-peer transfers, onchain income, and payments.