Only 14% of an estimated $457 billion in potentially taxable onchain crypto activity is currently captured by existing reporting frameworks, according to new findings from blockchain analytics firm Chainalysis. The firm says 86% still sits outside CARF-covered reporting rails. The estimate comes from 2025 activity across six major blockchains and includes realized trading gains, onchain income such as mining, staking and lending, and crypto-denominated payments.
Chainalysis says the gap remains large because CARF is built around covered crypto service providers, especially intermediaries that collect customer and transaction information. In other words, it is not a new tax law, but a reporting mechanism designed to help tax authorities automatically exchange standardized crypto transaction data between jurisdictions.
That is why the firm’s assessment matters. CARF may improve cross-border reporting where covered platforms are involved, but Chainalysis says a large share of potentially taxable onchain activity still sits outside formal tax visibility today.