Chainalysis estimates $9.4 billion in taxable crypto activity for France in 2025

Breakdown of the figures

Chainalysis reached the $9.4 billion estimate by adding $1.7 billion in crypto income, $2.5 billion in realized gains, and $5.2 billion in crypto payments. The company emphasized that this figure refers to activity that could potentially be subject to tax, depending on several legal and regulatory factors.

The methodology relies on data compiled from six major blockchains: Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, and Base. These networks collectively handle the majority of global crypto transaction volume that analysts are able to track publicly.

Globally, total potentially taxable crypto activity reached $457 billion in 2025, with the United States leading at $112.6 billion and the European Union as a whole at $125.1 billion.

Chainalysis is a US-based blockchain analytics firm that supports law enforcement and regulatory compliance efforts around the world.

Mini dictionary: Chainalysis, a blockchain analytics company that specializes in tracking and analyzing cryptocurrency transactions for governments and private entities.

Chainalysis clarified that its estimates reflect activity that could be taxable according to rules and taxpayer status within French law. The company did not claim that more than 90% of French crypto taxes go unpaid.

Crypto tax reporting under scrutiny

Recent findings underscore a significant gap between what French taxpayers report and what researchers estimate. For the 2024 tax year, just 24,000 French taxpayers declared a total of €368 million in crypto gains. This reported figure is substantially lower than the $9.4 billion gross activity estimate, though the numbers reference different years, currencies, and calculation methods.

Chainalysis stated that its figures may understate real activity levels, largely because internal transactions within exchanges are more difficult to track via public blockchain data.

Suggestions that over 90% of French crypto taxes remain unpaid have circulated online; however, Chainalysis traced that figure to a separate study conducted by Sweden’s tax authority, which only applied to Swedish taxpayers.

Tax treatment varies by transaction type, such as income, payments, and capital gains, each following specific French legislation and administrative rules.

New EU rules targeting crypto transparency

France is in the process of implementing the European Union’s DAC8 rules, which took effect on January 1, 2026. Under DAC8, crypto service providers in the EU must collect detailed information about all users residing within the bloc, including names, addresses, tax identification numbers, and transaction details.

Providers started collecting data on 2026 transactions this year, with the first reports due on September 30, 2027. The requirements cover both crypto-to-fiat conversions and crypto-to-crypto trades, as well as transfers from wallet addresses not controlled by centralized exchanges.

France has also committed to a related global framework under the OECD’s Crypto-Asset Reporting Framework to improve international transparency on crypto activity.

Despite stricter reporting frameworks, Chainalysis estimated that only about 14% of potentially taxable on-chain activity can be reliably captured under these new systems. The remainder, which includes decentralized exchanges, peer-to-peer transactions, and direct on-chain earnings, remains more difficult for authorities to monitor.

Public blockchains provide visibility into transfers, but do not identify specific individuals or their cost basis, making it challenging for tax agencies to match transactions to taxpayers.

While DAC8 and other international measures will strengthen oversight, French authorities may continue to rely on a combination of provider data, audits, and cross-border cooperation. Taxpayers remain responsible for keeping their own records, as provider reports alone will not define individual tax liabilities.