What happens if you exchange a crypto asset for another crypto asset?

I'm curious to understand the implications of exchanging one crypto asset for another. Could you elaborate on the process and potential outcomes? Do the taxes and regulations differ from trading traditional assets? Are there any specific risks or advantages to consider? Additionally, how do the values of the two assets factor into the decision-making process? Lastly, does this type of transaction typically require the use of specialized platforms or tools? I'd appreciate a comprehensive overview of the ins and outs of crypto-to-crypto exchanges.