In mid-2025, Argentina joined the list of jurisdictions that signed the OECD Multilateral CRS (Common Reporting Standard). The CRS 2.0 version expands coverage to include digital assets, tokenized instruments and other forms of electronic money.

That agreement requires financial institutions to share information about nonresidents who hold accounts abroad, which covers service exporters (remote workers, freelancers, contractors) and investors using digital wallets, brokers and exchanges based in signatory countries.

However, some countries do not participate. United States, for example, follows its own law: FATCA (Foreign Account Tax Compliance Act). FATCA can also result in financial information being shared with other countries, but to a lesser extent and only in specific cases. 

For instance, Argentina receives information from the United States only when Argentine citizens obtain interest, dividends or royalties sourced in the U.S. exceeding USD 10.

Given the confusion between the two regimes, below we explain the differences between FATCA and CRS 2.0 and how they may affect remote workers, freelancers, investors and service exporters in general.

What is CRS 2.0?

CRS 2.0 is the revised and expanded version of the international standard for Automatic Exchange of Information (Common Reporting Standard).

The initiative is led by the OECD and aims to ensure that the tax authorities of participating countries automatically receive financial data from financial institutions in other jurisdictions to detect undeclared income and prevent tax evasion.

Version 2.0 broadens the scope to digital providers, e-wallets and certain crypto assets so the rules better reflect today’s financial reality.

What information does CRS 2.0 require?

Institutions subject to CRS 2.0 must report key data including:

  • Account holder’s full name.
  • Residential address.
  • Country(ies) of tax residence.
  • Tax identification number (CUIT/NIF/TIN).
  • Date and place of birth.
  • Account number or account identifier.
  • Balance as of 12/31 for the reporting year.
  • Reportable gross income and certain related income items.

These fields let authorities cross-check records and spot discrepancies between what taxpayers declare and what third parties report.

When does CRS 2.0 start reporting?

Most jurisdictions that agreed to the CRS expansion planned to collect data from January 1, 2026, with the first effective exchanges scheduled for 2027 (covering data reported for 2026). Exact entry-into-force dates depend on each country’s domestic law, so it’s important to confirm locally.

Who will be covered by CRS 2.0?

The central criterion under CRS 2.0 is the account holder’s tax residence, not nationality or the place where the account was opened. Therefore, any user who is a tax resident of a participating country may see their accounts reported by financial institutions (banks, wallets, platforms) operating from jurisdictions that are CRS signatories and that act as reporting entities.

Can I avoid being reported?

Not by simple administrative or technical means: the exchange is automatic and depends on the reporting duty of the institution that holds the account. 

Real ways to fall outside CRS are to change your tax residence legally (i.e., live and pay taxes in a jurisdiction that does not participate) or to structure activity and assets under entities and accounts in countries or vehicles not subject to CRS, both of which have major legal and tax consequences and require professional advice.

What is FATCA?

FATCA (Foreign Account Tax Compliance Act) was passed in 2010 by the U.S. Congress to identify foreign financial accounts held by U.S. persons and combat tax evasion. Over time it has been complemented by bilateral Intergovernmental Agreements (IGAs) and, in many cases, evolved toward more reciprocal exchanges with other tax authorities.

Under the U.S.–Argentina relationship, the U.S. shares financial information on nonresidents only when interest, dividends or royalties sourced in the U.S. exceed USD 10. FATCA does not typically report mere account holdings and balances in the U.S. unless they generate reportable income.

Effective dates and timelines

FATCA became law in 2010, but its international application depends on agreements with each country. The U.S.–Argentina agreement was formalized in December 2022; data collection by financial institutions started for income generated from January 1, 2023, and the first effective exchange to the Argentine authority took place in September 2024.

How does it affect the targeted persons?

For U.S. residents, FATCA typically results in personal reporting obligations (forms like the 8938) and penalties for noncompliance. 

For nonresidents in countries with reciprocal agreements, the practical consequence is that information on accounts at U.S. institutions will no longer be private vis-à-vis the local tax authority, enabling audits and requests.

What information is shared under FATCA/IGAs?

Under this agreement, the IRS will send the AFIP data on financial accounts in the United States whose holders are tax residents of Argentina, with a specific focus on ‘reportable’ accounts. In other words:

What information is commonly exchanged

  • Name, address, and CUIT/CUIL of the account holder who is a resident of Argentina.
  • Account number and the name/identification of the financial institution in the United States.
  • Gross amounts of U.S.-source income:
  • Interest paid on deposit accounts.
  • Dividends of U.S. origin.
  • Other U.S.-source income subject to reporting under the U.S. Internal Revenue Code.

What is not reported by FATCA (under the current scope)

  • Account balances, movements, transaction details, or full account statements.
  • Ultimate beneficial owners other than the reported account holder (that is, if the account belongs to an entity using legal structures, only the entity is reported, not the individuals behind it).

How is the information exchanged?

The usual flow is:

  1. Reporting by the institution. The entity collects and sends the data to the IRS or the competent authority where it operates.
  2. Automatic exchange. The IRS (or the U.S. authority) transmits the information to the counterpart authority according to the agreement. For Argentina, annual exchanges are scheduled for September and cover the previous calendar year’s data.

Key differences between FATCA and CRS 2.0

  1. Purpose and origin
    • FATCA: a U.S. domestic law aimed at detecting assets of U.S. persons held abroad.
    • CRS 2.0: a multilateral OECD standard for mutual exchange; version 2.0 extends scope to fintech and certain crypto assets.
  2. Which criterion defines who’s covered
    • FATCA: focuses on the “U.S. Person” status (citizenship, green card or U.S. tax residency).
    • CRS 2.0: focuses on the account holder’s tax residence (regardless of nationality).
  3. Who reports and to whom
    • FATCA: financial institutions report to the U.S. (IRS) or, via bilateral agreements, to the local authority that may then share.
    • CRS 2.0: institutions report first to the tax authority where they operate; that authority then exchanges the information with counterpart authorities in other signatory countries.
  4. Participation of key jurisdictions
    • FATCA: as U.S. law, most serious banks and fintechs worldwide comply with FATCA via bilateral deals or precaution.
    • CRS 2.0: more than a hundred jurisdictions participate, but the U.S. is not part of CRS — so information flows between the U.S. and other countries are subject to different, often narrower, requirements.
  5. Type of data shared
    • Both share identification and account data (name, address, TIN), but:
    • FATCA typically targets U.S.-sourced income (interest, dividends) and data necessary to tax U.S. persons.
    • CRS 2.0 includes balances and reportable income of nonresidents, and CRS 2.0 specifically extends to e-wallets and certain crypto assets.
  6. Thresholds and practical reach
    • FATCA: has specific thresholds and forms for U.S. persons; penalties and withholding regimes apply to noncompliant institutions.
    • CRS 2.0: the expanded version proposes indicative thresholds (e.g., USD 500 for wallets, USD 1,000 for certain cryptoassets in some schemes), but details vary by country and must be confirmed locally.
  7. Timeline and retroactivity
    • FATCA: operational since 2010 with bilateral timetables.
    • CRS 2.0: data collection under the new rules starts in many places on January 1, 2026, with first exchanges in 2027; it isn’t retroactive to data before 2026.
  8. Practical consequences for a LATAM resident
    • If you are tax resident in a CRS jurisdiction and hold accounts domiciled in CRS jurisdictions, your data can be automatically reported under CRS 2.0 (regardless of nationality).
    • If you hold accounts at U.S. institutions or structures that generate U.S.-sourced income, FATCA can cause the U.S. — and, by reciprocity, your local tax authority — to learn about that income.
    • In practice, an account with a European branch of a fintech is more exposed to CRS; an account with a U.S.-based entity will fall under FATCA.

Which wallets fall under CRS 2.0 and which under FATCA?

The effect depends on the legal domicile of the entity providing the service and its corporate structure. Examples:

  • Wallbit is located and operates exclusively from the United States, and is therefore subject to FATCA. It is not required to report under the conditions of CRS 2.0.
  • Wise operates under licenses in the United Kingdom and other European jurisdictions; those entities will be subject to local reporting obligations if their country is part of CRS.
  • Payoneer runs entities in several jurisdictions and has used vehicles in Gibraltar/Europe for its EU services; the specific entity managing the account determines CRS applicability.
  • Interactive Brokers is headquartered in the U.S. and may not be subject to CRS because of its U.S. domicile, though its European subsidiaries are.
  • PayPal is a global group with U.S. presence and European entities (for example, banking operations in Luxembourg), so some accounts or products can fall under CRS depending on which legal entity provides the service.
  • AIRTM is incorporated in the U.S. (Delaware) and registered with FinCEN as a money services business (MSB).
  • Coinbase is U.S.-based (public company with global presence).
  • Binance is a group with entities in the Cayman Islands and other jurisdictions; its distributed corporate model lacks a single clear headquarters.
  • Revolut is registered in the U.K. (London) and operates under European licenses for EU services.

The jurisdiction that matters for CRS/FATCA is the legal entity that manages your account. A platform can have multiple legal entities across countries: the reporting obligation depends on which entity administers your product.

What to do if you’re a freelancer or investor in LATAM

  • Check which legal entity manages your account or IBAN (in the terms and conditions or by asking support).
  • Confirm your tax residence and keep your TIN/CUIT updated on the platform.
  • If you’re unsure about tax exposure, consult a local tax advisor before 2027 to explore regularization or legal structures if needed — the automatic exchange brings visibility to funds that were previously opaque to some tax authorities.

In short: if your account is managed by an entity established in a CRS jurisdiction, it’s very likely your data will be reported to that country’s authority and then exchanged with your tax authority. If the account is managed in the U.S., the reporting requirements are narrower.

​​Wallbit, registered in the United States, complies with U.S. regulations regarding privacy policies and banking laws.

Notice: this text explains general differences and effects; it is not tax or legal advice. For decisions about tax residence, corporate structures or compliance, seek specialized professional advice.