Is ETH to cbETH taxable?

Could you elaborate on the tax implications of converting Ethereum (ETH) to centralized-backed Ethereum (cbETH)? As a cryptocurrency investor, I'm always mindful of potential tax obligations. Is this type of conversion subject to capital gains tax, income tax, or some other form of taxation? Are there any specific tax rules or regulations that govern this type of digital asset exchange? And how do I ensure that I'm complying with all relevant tax regulations in my jurisdiction? Your insights would be greatly appreciated.