What is the key difference between CRS and FATCA?

FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) are both regulatory frameworks aimed at combating tax evasion through the exchange of financial account information, but they differ in scope and focus.
CRS has much broader scope. While FATCA is focused solely on U.S. persons, CRS requires reporting of tax residents of “CRS-participating countries”.

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