Key Insights:
- France recorded an estimated $9.4B in potentially taxable crypto activity in 2025.
- Chainalysis cited crypto tax non-compliance above 90% in Sweden.
- DAC8 reporting began in 2026, with the first EU tax-data exchanges covering crypto activity due by September 2027.
Crypto tax reporting moved into focus in France after Chainalysis estimated $9.4 billion in potentially taxable activity during 2025. The estimate covered on-chain income, realized gains, and crypto-denominated payments.
The figure does not represent unpaid French taxes or government revenue. It measures activity that could carry tax implications depending on transaction type and domestic rules.
Crypto Tax Estimates Put France at $9.4 Billion
Chainalysis estimated that France generated $1.7 billion in crypto income, $2.5 billion in realized gains, and $5.2 billion in payments during 2025. The three categories brought the country’s estimated total to $9.4 billion.
The blockchain analytics firm ranked France 13th among the countries covered in its study. Globally, Chainalysis estimated more than $457 billion in potentially taxable on-chain activity during 2025. The United States accounted for about $112.6 billion, while the European Union collectively reached $125.1 billion.
Chainalysis based its study on activity across Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, and Base. The analysis used location indicators and service-level activity to assign activity to individual countries.
The company warned that the figures do not capture every taxable transaction. Centralized exchanges often process trading, staking, and lending within internal systems that public blockchains cannot access. That gap means the global estimate may understate total crypto income and gains.
Crypto Tax Non-Compliance May Exceed 90%
Chainalysis also pointed to evidence of widespread crypto tax reporting failures in some markets. The firm cited data from Sweden’s tax authority, which found that more than 90% of reviewed crypto users had reported their activity incorrectly.
The findings show the scale of reporting problems tax authorities can face when users trade across exchanges, wallets, and decentralized platforms. Crypto transactions can involve capital gains, staking income, lending returns, payments, and transfers between wallets.
Incomplete transaction histories complicate tax reporting. Users buy assets on one platform, move them through private wallets, and later sell them through another service.
This creates gaps in cost-basis records and transaction classifications. Tax agencies are turning to exchange data, blockchain records, and cross-border reporting systems to identify activity and verify tax filings.
Crypto Tax Reporting Still Leaves On-Chain Gaps
DAC8 and CARF will expand access to customer and transaction information. However, Chainalysis said the reporting systems will not cover every part of on-chain activity.
The firm estimated CARF-covered events represented about 14% of potentially taxable on-chain activity in its dataset. The remaining 86% covered areas such as decentralized exchanges, peer-to-peer transfers, income streams, and payments.
That percentage applies only to the on-chain universe analyzed by Chainalysis. CARF separately targets off-chain activity conducted through reporting crypto-asset service providers.
Centralized platforms can associate accounts with verified customer information. Blockchain transactions involving private wallets provide less direct information about beneficial ownership and transaction purpose.
Public blockchains may show an asset moving between two addresses. They do not automatically establish that the transfer represented a sale, payment, internal wallet movement, or taxable event.
France’s next major crypto tax milestone will come during 2027. Providers will report 2026 DAC8 activity before European authorities conduct their first automatic exchanges by Sept. 30.
CARF exchanges should also begin for France during 2027. Those datasets will give tax authorities wider information but will not independently determine whether every reported transaction created a tax liability.
This article is for informational purposes only and does not constitute tax, legal, or financial advice. Crypto tax treatment depends on individual circumstances and applicable law. Readers should consult qualified professionals when assessing their tax obligations.
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