Is converting ETH to WETH taxable?

Could you please clarify for me, is the act of converting Ethereum (ETH) to Wrapped Ethereum (WETH) subject to taxation? I'm trying to understand the tax implications of this transaction, as I'm considering making such a conversion. Could you explain how the tax authorities might view this type of exchange, and whether it falls under any specific tax category? Also, are there any specific rules or regulations that I should be aware of when it comes to tax reporting for this kind of transaction? Thank you for your assistance in clarifying this matter.