France Crypto Activity Hit $9.4 Billion in 2025, Chainalysis Says

TLDR

• Chainalysis estimated France generated about $9.4 billion in potentially taxable crypto activity during 2025.
• The global total for potentially taxable crypto activity reached $457 billion across six blockchains.
• French taxpayers reported only €368 million in crypto gains for 2024 through about 24,000 filings.
• New EU rules under DAC8 require providers to collect 2026 transaction data, with reports due by September 30, 2027.
• Chainalysis said its figures may understate real activity since exchange-internal transactions are hard to track.

France generated an estimated $9.4 billion in potentially taxable crypto activity during 2025. That number comes from a new study by blockchain analytics firm Chainalysis, released on August 26.

The estimate places France among the 15 largest crypto markets that Chainalysis tracked. It ranked 13th on the global list.

The $9.4 billion figure is made up of three parts. There was $1.7 billion in crypto income, $2.5 billion in realized gains, and $5.2 billion in crypto payments.

Chainalysis was careful to describe this as “potentially taxable activity.” It is not the same as unpaid taxes or lost government revenue.

What the numbers actually mean

Tax treatment depends on the type of transaction. It also depends on the taxpayer’s status and French law.

Crypto payments, for example, cannot be treated the same as undeclared capital gains. The two categories follow different rules.

Chainalysis also pushed back on a separate claim circulating online. The company did not say that more than 90% of French crypto taxes went unpaid.

That 90% figure actually came from a different study by Sweden’s tax authority. It applied only to Swedish taxpayers, not French ones.

Globally, Chainalysis found that potentially taxable crypto activity reached about $457 billion in 2025. The United States led all countries with $112.6 billion. The European Union as a whole accounted for $125.1 billion.

The firm built its estimates using data from six blockchains. These included Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, and Base.

There is a real gap between what French taxpayers report and what Chainalysis estimates exists. About 24,000 taxpayers reported €368 million in crypto gains for tax year 2024.

That number is much smaller than the $9.4 billion estimate. But the comparison is not exact. The reported figure covers a different year, uses euros instead of dollars, and reflects net gains rather than gross activity.

New EU reporting rules take effect

France is preparing for a new reporting system that could close some of that gap. The EU’s DAC8 rules took effect on January 1, 2026.

Under DAC8, crypto service providers must collect data on EU-resident users. This includes names, addresses, tax ID numbers, and transaction details.

Providers began collecting 2026 transaction data at the start of this year. The first reports must be shared between EU tax authorities by September 30, 2027.

The rules cover crypto-to-fiat trades and crypto-to-crypto exchanges. They also apply to transfers involving outside wallet addresses.

A related global framework, the OECD’s Crypto-Asset Reporting Framework, extends similar reporting beyond the EU. France has committed to that timeline as well.

Still, Chainalysis noted limits to what these systems can capture. It estimated that only 14% of taxable on-chain activity falls within CARF’s practical reach.

The other 86% involves harder-to-track areas. This includes decentralized exchanges, peer-to-peer transfers, and direct on-chain income.

Public blockchains record transfers, but they do not identify taxpayers or calculate cost basis. That makes some transactions difficult for authorities to match to individuals.

Tax agencies are not limited to provider reports, though. They can also use audits, blockchain analysis, and data shared between countries.

For now, French taxpayers remain responsible for keeping their own records. Provider reports under DAC8 will not automatically determine how much tax someone owes.

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