Potentially taxable on-chain crypto activity surpassed $457 billion globally last year, Chainalysis estimated, including exchange gains, mining, staking, lending, gambling income and crypto-denominated payments, yet the OECD Crypto-Asset Reporting Framework, or CARF, captures only about 14% of that total. European countries accounted for $125.1 billion, the United States $112.6 billion and China $21 billion despite an onshore trading ban that pushes activity offshore. Roughly 86% of identified flows—decentralized exchange activity, peer-to-peer transfers, self-custody, on-chain income and many payments—sit outside CARF’s intermediary focus on centralized exchanges, brokers, retailers and some wallet providers. At least 46 countries plan to implement CARF in 2027, 29 more in 2028 and the United States in 2029, while the EU’s DAC8 directive, in force since January, has exchanges collecting customer data for sharing with tax authorities from 2027. Bitcoin-only exchange Bull Bitcoin is challenging France’s DAC8 decree in court, warning of a cross-border identity and crypto-activity data honeypot, as registered physical attacks on French crypto owners hit 36 in the first eight months of 2026—64% above all of 2025—amid prior tax-authority data leaks.