I aboslutely can, because every other legitimate start up business does it.  If the new pizza place down the road from me can begin business in full complance with the law, so can a Bitcoin exchange.  They can collect the proper information from traders, just like a real exchange.  They can submit to regulatory bodies and follow all national laws (using an off-shore bsaed currency trading account is NOT legal for US citizens, for starters).  You know, all that good stuff that every other legit brokerage and exchange goes through.  Real businesses that people plan on sustaining and growing dot all their i's and cross all their t's FIRST.  No one just wings and hopes for the best, unless it's because they plan to be a fly by night scam shop.

MtGox is processing millions of dollars per day, but the website looks like it was made by a five year old, they have no real contact information, they aren't a registered business, they are not in compliance with local or international laws (have fun when your funds are seized and never returned), and there's absolutely zero transparency.