Are DeFi swaps taxable?

Good day, I have a question regarding the taxation of DeFi swaps. I understand that decentralized finance, or DeFi, has gained significant popularity in recent times, offering various financial services without the need for intermediaries. However, I'm uncertain about the tax implications of engaging in DeFi swaps, particularly whether they are subject to taxation. Could you please clarify whether DeFi swaps are taxable, and if so, what are the key factors that determine their taxability? Thank you for your time and consideration.