Global potentially taxable on-chain crypto activity exceeded $457 billion in 2025, according to Chainalysis, with the United States leading at about $112.6 billion. Germany ranked second at $24.1 billion, followed by China at $21.0 billion, the United Kingdom at $19.4 billion, and India at $19.0 billion. Chainalysis said taxable activity falls into three categories: capital gains, income such as mining, staking and lending, and payments. By region, North America recorded the largest taxable activity volume at $134.6 billion, ahead of the European Union at $125.1 billion and East Asia at $54.7 billion. The report said the OECD's Crypto-Asset Reporting Framework covers off-chain transactions on centralized exchanges and some on-chain activity, but accounts for only 14% of global taxable activity. The remaining 86%, including DEX trades, peer-to-peer transfers, on-chain income and payments, falls outside its scope, meaning tax authorities would still need on-chain data to see the full picture even if CARF is fully implemented.