The Divly report published on April 5 released the estimate after analyzing the relationship between the number of people declaring cryptocurrencies on their tax returns and the search volume for cryptocurrency tax-related keywords in different countries. It also used the number of crypto holders in each country according to the Statista Global Cryptocurrency Report in its calculations.
The report estimated that Finland has the highest percentage of crypto investors who paid required crypto taxes in 2022 at 4.09%, while Australia followed closely with 3.65%.
The United States ranks 10th on the list, with an estimate of 1.62%, while India, Indonesia, and the Philippines have the lowest percentage of crypto investors paying taxes, at just 0.07%, 0.04%, and 0.03%, respectively.
However, tax experts have cast doubt on the figures and methodology. The report itself defined the results by noting that search volume data may not accurately reflect the actual number of crypto taxpayers, as not all taxpayers search for information related to cryptocurrency tax online.
Another assumption in this approach is that the number of searches related to crypto tax reports does not vary from country to country. Additionally, there may be a potential bias towards countries with better internet access and more accurate search volume data.