Chainalysis estimated on Aug. 26 that France generated about $9.4 billion in potentially taxable crypto activity during 2025, placing the country among the world\u2019s 15 largest markets covered by its latest crypto tax study.<\/p>\n
\n Summary\n <\/p>\n
The estimate included $1.7 billion in crypto income, $2.5 billion in realized gains and $5.2 billion in crypto payments. It arrives as France prepares to receive detailed customer and transaction data under the European Union\u2019s DAC8 tax reporting system and the OECD\u2019s Crypto-Asset Reporting Framework, or CARF.<\/p>\n
\nChainalysis Says Crypto Tax Non-Compliance May Top 90% Ahead of France\u2019s 2027 Reporting Regime<\/p>\n
Chainalysis said crypto tax non-compliance may exceed 90% in some countries, as France prepares to receive far more detailed crypto transaction data from 2027 under the EU\u2019s DAC8\u2026 pic.twitter.com\/c2O4cRfPKp<\/a><\/p>\n
\u2014 Wu Blockchain (@WuBlockchain) September 8, 2026<\/a><\/p><\/blockquote>\n
Chainalysis described the figures as \u201cpotentially taxable activity,\u201d rather than unpaid taxes or government revenue. Tax treatment varies by transaction type, taxpayer status and national law. Crypto payments, for example, cannot be treated as equivalent to undeclared capital gains.<\/p>\n
The company also did not estimate that more than 90% of French crypto taxes went unpaid. Its reference to non-compliance above 90% came from a Swedish tax authority study concerning taxpayers in Sweden. Applying that rate directly to France would not be supported by the available evidence.<\/p>\n
Chainalysis estimates France generated $9.4B in activity<\/strong><\/p>\n
The Chainalysis<\/a> study estimated that potentially taxable on-chain crypto activity reached at least $457 billion worldwide in 2025. The United States led individual countries with $112.6 billion, while the European Union collectively accounted for $125.1 billion.<\/p>\n
France ranked 13th among the countries listed in the study. Its estimated $9.4 billion total consisted of three separate categories: income, gains and payments. Chainalysis included mining, staking, lending and gambling proceeds within income. Its gains category covered activity attributed to centralized and decentralized exchanges.<\/p>\n
Payments included transfers linked to merchant services and peer-to-peer economic activity. Such activity may create different income tax, capital gains tax or indirect tax questions depending on the circumstances. The full $9.4 billion therefore does not represent a taxable profit figure or an estimate of tax owed.<\/p>\n
Chainalysis produced the estimates using activity across Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain and Base. It assigned activity geographically through direct location indicators and proportional allocations based on service-level activity.<\/p>\n
The company acknowledged that trading, staking and lending conducted within centralized exchange systems cannot always be observed on a public blockchain. It said this limitation means its estimates may understate total economic income.<\/p>\n
Chainalysis called the figures \u201cpotentially taxable activity.\u201d They should not be read as confirmed unpaid taxes or recoverable government revenue.<\/p>\n
The report compared its broader estimates with public evidence of weak crypto tax reporting. It cited Sweden\u2019s tax authority, which previously found that more than 90% of people reviewed had not correctly reported their crypto activity. That finding concerns Sweden and does not establish France\u2019s non-compliance rate.<\/p>\n
French data nevertheless show a wide difference between declared gains and estimated activity. Approximately 24,000 taxpayers reported \u20ac368 million in crypto capital gains for tax year 2024, according to figures attributed to the French tax administration. However, that declared amount covers a different year and a narrower category than Chainalysis\u2019 $9.4 billion estimate.<\/p>\n
A direct comparison would also mix euros with dollars. More importantly, it would compare declared net capital gains with gross activity spanning income, gains and payments. The figures indicate an enforcement question, but they do not measure the French crypto tax gap on a like-for-like basis.<\/p>\n
France\u2019s crypto tax reporting changes under DAC8<\/strong><\/p>\n
DAC8 took effect across the EU on Jan. 1, 2026. Reporting crypto-asset service providers must now collect information covering reportable transactions conducted by EU-resident users.<\/p>\n
Required customer information can include names, addresses, tax identification numbers, dates of birth and tax residences. Providers must also report aggregated values and transaction counts for exchanges, transfers and certain payments.<\/p>\n
The European Commission<\/a> says providers began collecting reportable 2026 transaction data on Jan. 1. Reports covering that first year must be exchanged between EU tax authorities by Sept. 30, 2027.<\/p>\n
As previously reported in coverage of the new EU rules<\/a>, DAC8 covers crypto-to-fiat trades, crypto-to-crypto exchanges and transfers involving external addresses. A withdrawal to self-custody can therefore appear in a provider\u2019s report even though self-custody itself is not prohibited.<\/p>\n
The underlying directive also requires providers to collect tax-residency self-certifications. Existing individual users generally must provide valid self-certification information by Jan. 1, 2027.<\/p>\n
If a customer fails to provide required information after two reminders, member states must require providers to prevent reportable transactions after a 60-day period. National implementation, enforcement procedures and penalties can still differ.<\/p>\n