Chainalysis estimates crypto tax non-compliance may exceed 90%

France’s taxable cryptocurrency activity is on track to hit $9.4 billion in 2025, according to Chainalysis. The amount French taxpayers actually reported in crypto gains last year? A comparatively tiny €368 million.

The numbers tell a stark story

Chainalysis broke down France’s $9.4 billion in estimated taxable crypto activity into three categories. Capital gains account for $2.5 billion. Income from activities like mining and staking contributes another $1.7 billion. And payments, the largest bucket, represent $5.2 billion.

Compare that to what French taxpayers actually declared. For the 2024 income year, just 24,000 individuals reported a combined €368 million in net gains. The year before was even thinner: roughly 7,700 taxpayers declared €150.8 million.

François Volpoet, Director of Chainalysis France, pointed to these trends as evidence of a systemic underreporting problem. The 90%-plus non-compliance estimate tracks with Chainalysis’ global analysis, which pegs potentially taxable on-chain activity at over $457 billion worldwide in 2025, with only about 14% expected to comply with emerging reporting frameworks.

New EU rules are coming, but not yet

Starting January 1, 2026, the DAC8 directive will require crypto service providers operating in EU member states to collect extensive user data and detailed transaction records. Those providers will then need to submit reports to tax authorities, with the first international data exchanges scheduled for September 30, 2027.

France currently taxes net capital gains from digital asset disposals at a flat rate of 31.4%. There’s a small annual exemption: if total disposals for the year stay under €305, no tax is owed. Above that threshold, gains are taxable.

The enforcement blind spots

Even when DAC8 takes effect, significant gaps will remain. The framework is designed primarily around centralized crypto service providers that already know who their users are through KYC requirements. Self-custody wallets, decentralized finance protocols, and peer-to-peer transactions happen without a middleman and fall outside this reporting infrastructure.

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