Summary
On-chain potentially taxable crypto activity around the world reached more than $457 billion in 2025, with the United States alone accounting for roughly $112.6 billion. Material taxable activity can be attributed to all other countries as well.
The OECD’s Crypto-Asset Reporting Framework (CARF), the EU’s DAC 8, and domestic information reporting reforms are meaningful steps forward, but material portions of DeFi, peer-to-peer (P2P) transfers, private wallet holdings, and historic activity fall outside their scope.
Without blockchain intelligence to complement traditional reporting, tax authorities risk being aware of only a fraction of crypto activity that is relevant to accurate risk assessment and tax calculations.
This chapter is a preview of our report, The Crypto Tax Report: Mapping Global Taxable Activity with On-Chain Data. The report covers on-chain activity across six major blockchains (Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, and Base), attributed to countries using a combination of direct location signals and proportional allocation based on service-level activity. Because trading, staking, and lending conducted inside centralized exchanges (CEXs) are not visible on-chain, our estimates likely understate total economic income. Download your copy for the full methodology and country-level breakdowns.Crypto’s growth over the past several years has fundamentally changed what “taxable activity” looks like. In 2025, the most recent complete year of data, on-chain taxable crypto flows — combining realized gains attributed to centralized and decentralized exchanges; income from mining, staking, lending and gambling; and crypto-denominated payments — reached $457 billion.As the Sankey above illustrates, taxable on-chain activity can be treated as falling into three broad buckets: gains, income, and payments. These in turn can be divided into smaller categories: CEX and DEX gains; mining, staking, lending, and gambling income; and merchant services and P2P-like payments.Each of these flows can then be attributed to geographic regions. North America leads with $134.6 billion in 2025, followed by the European Union ($125.1 billion) and East Asia ($54.7 billion). But absolute dollars are only one way to think about the stakes. Crypto taxable activity is also worth measuring relative to a country’s existing tax base, and in that dimension, the picture changes.Top 15 Countries by Taxable Crypto Activity
