Can you give cryptocurrency as a gift?

Could you elaborate on the feasibility and considerations involved in gifting cryptocurrency? I'm particularly interested in understanding if it's a legally permissible practice, as well as any potential tax implications or risks that should be taken into account. Additionally, I'd like to know about the best practices for transferring cryptocurrency as a gift, such as ensuring the recipient has the necessary wallet and understanding of how to use it securely. Is it advisable to directly transfer the cryptocurrency or use a third-party platform for the transaction? Please provide a detailed overview of the process and any relevant considerations.