How to start your own cryptocurrency exchanger and is it worth it?

I recently thought about launching my own cryptocurrency exchanger. A friend had an experience when he tried to do it, but encountered a lot of difficulties - from obtaining a license to ensuring the security of transactions. In the end, he abandoned the idea, although the potential seemed huge. Now the cryptocurrency market is on the upswing again, and I'm thinking: maybe I should give it a try. But I'm still intimidated by regulatory issues and competition. Has anyone had to deal with this? What are the first steps to take to minimize the risks?