According to reports from Bloomberg Tax, the Internal Revenue Service (IRS) is hosting a summit in a bid to open up dialogue on tax related issues surrounding the crypto industry.

The summit is scheduled to happen on March 3 at the IRS’ Washington DC headquarters and will feature 4 panels. The IRS has invited some crypto-based companies and advocates to the upcoming summit.

Some of the key topics to be discussed are technology updates, tax return preparations, taxation issues facing crypto exchanges, as well as regulatory compliance.

The panelists will come from both the government and private sector to share their views and engage with the audience. They would include IRS personnel from across the spectrum of tax administration and individuals from other offices within the Department of Treasury.

Kristin Smith is an executive director of the Blockchain Association advocacy group. According to her, the IRS has been looking to set up a summit since at least, last month. She said her understanding of the event is that, it is going to be something where the IRS is going to use as an avenue to learn from participants in the ecosystem.

Smith stated that, she hopes the agency will use the information obtained from the event to develop better regulatory frameworks surrounding the crypto industry in future.