Hello Nandolkz, I hope your day is going well.
Assuming "exchange" crypto means trading one crypto (A) for a different crypto (B), you would have a taxable event. In this event, you have sold crypto A, and purchased another crypto, B.
The value of your new crypto is considered proceeds received for the sale.
EX. If you paid $600 for 1 BTC, then exchange it for 2 ETH worth $500. Report the $500 as proceeds received for selling the 1 BTC along with $600 cost basis to reduce the gain or create a capital loss for this sale.
The cost basis in your new crypto, B, is the proceeds that was received for Crypto A. $500
