Chainalysis: crypto tax evasion amounts to over 90%

Blockchain analysis firm Chainalysis states that crypto tax evasion can rise to more than 90% in some countries. The warning comes at a time when France is preparing for stricter reporting requirements for crypto transactions, which take effect in 2027. According to Chainalysis, potentially taxable crypto activity in France amounted to around $9.4 billion in 2025, while only a fraction of that was actually declared to the tax authorities.

In brief:

• Chainalysis estimates that crypto tax evasion exceeds 90% in some countries.
• In France, potentially taxable crypto activity in 2025 amounted to roughly $9.4 billion, while only 24,000 taxpayers declared gains.
• From 2027, crypto providers in the EU must report much more detailed transaction data to the French tax authorities.

Huge gap between activity and declarations

The $9.4 billion in potentially taxable activity in France consists of $1.7 billion in income, $2.5 billion in capital gains and $5.2 billion in crypto payments. Compare that with reality: for tax year 2024, only 24,000 taxpayers declared a total of €368 million in crypto gains. A year earlier, for 2023, only 7,700 did so, with a combined gain of €150.8 million.

François Volpoet, director of Chainalysis in France, says the figures come as little surprise. “Based on experiences in other countries, the rate of tax evasion can exceed 90%, even when the tax rules for crypto are relatively favourable,” Volpoet said.

DAC8 and CARF force greater transparency

The picture is expected to change considerably when the new rules come into force. From 2027, crypto providers in the European Union will be required to share detailed transaction data with tax authorities under the European DAC8 directive and the OECD’s CARF framework. For France, this means the tax authorities will, for the first time, get a detailed view of who traded what.

Part of the $9.4 billion identified by Chainalysis for 2025 is expected to show up in the 2026 declarations. How much that ultimately amounts to remains unclear for the time being. France does not tax crypto-to-crypto transactions, and the use of crypto to buy goods or services also falls outside the scope of taxation.

The French tax authority DGFiP said that data on declarations for tax year 2025 will only become available in a few months. Whether the upcoming transparency requirements will actually lead to an increase in the number of declarations will probably only become clear in 2027.