How to start a crypto exchange?

As a budding entrepreneur in the world of cryptocurrency and finance, I'm keen on understanding the intricacies of setting up a crypto exchange. Could you elaborate on the initial steps involved in this process? Firstly, would market research and analysis be crucial to determine the viability of the business? Additionally, what are the key regulatory requirements that need to be met to ensure compliance? Furthermore, how does one procure the necessary licenses and permissions to operate legally? Lastly, could you provide an overview of the technological infrastructure required to power a robust crypto exchange? I'm keen to dive deeper into this exciting field and your insights would be invaluable.