If I borrow fiat with crypto as collateral, is it taxable?

If I was to take out a fiat loan on a platform like say Nexo (there are loads of others), do I need to pay capital gains tax on that money? I’d be paying back the loan with crypto.

If so, why? I’m not selling the crypto. If I take out a fiat loan from the bank using a house as collateral, I don’t pay tax on that. If I am paying back the loan in crypto, I am not converting the crypto to fiat. The loan provider is doing that (presumably or maybe just holding the crypto, it’s none of my business what they do with it).

I know rules are different in different countries but I’m talking about USA or the EU.