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No, you only need to assets aside from crypto, you have to report it under the IRS.

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What are the cryptocurrency FBAR and FATCA reporting obligations?
Currently, the rules involving the reporting of foreign cryptocurrency on the annual FBAR (Foreign Bank and Financial Account Reporting aka FinCEN Form ) is. FBAR is an abbreviation for Foreign Bank Account Report. You'll need to file this report with FinCEN, the US Treasury Department's Financial Crimes Enforcement. The FBAR filing requirements as they relate to cryptocurrency are remaining unchanged for While the Financial Crimes Enforcement Network .

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Expert verified. When virtual currency is being held in a foreign financial account or something similar and there is no other currency such as euros held within the account, then the account is generally not reportable. Or, you can call us at.