I was stating my assumptions pertaining the Cyprus level alone. Other countries like the USA have implemented laws and are taxing cryptos upon conversion to each other. France on the other hand stated that no tax will arise on conversion between Crypto assets but only once the Crypto Assets are "cashed out" (converted to fiat).
Currently in Cyprus and worldwide there is great ambiguity at all levels (accounting, tax, regulatory) concerning Cryptos and thus there are different interpretations in all aspects until a formal position is ratified. Until then any I stated above, there are currently no laws in Cyprus to cover Crypto Assets (with the exception of AML5) and as such the safest approach by an investor is follow the accounting practice. Of course, a tax ruling application may be sought to clear tax issues. But again in the absence of legislation the Tax Office is reluctant to take a position on this matter.
At the moment, under IFRS (International Financial Reporting Standards) Crypto Assets are considered either inventory or intangible assets. Thus classifying Crypto assets in either category (inventory and intangibles) connotes that the realisation of profits is upon their disposal in exchange for fiat currency. Any gain or loss generated through conversion of one Crypto asset to another is considered unrealised fair value gain which is not taxable. The accounting treatment encompasses a lot of subjectiveness and again in open to interpretation.
Note here that this is no formal advise and I would suggest that you seek guidance from a tax consultant/lawyer.