Do I have to report a virtual currency exchange?

Hello, I'm a bit confused about the regulations surrounding virtual currency exchanges. Could you please clarify if I am required to report any transactions involving virtual currencies, such as Bitcoin or Ethereum? I understand that the rules vary depending on the country and jurisdiction, but I'm specifically interested in the general guidelines or thresholds that might trigger a reporting requirement. Additionally, are there any specific tax implications or penalties for not reporting such transactions? Thank you for your assistance in clarifying this matter.