Will this project be supporting future projects along with their bounty using your exchange?
I think it is more simple to have bussiness in small country when everybody knows each other. It will be more simple to get all licenses.
A lot of depends from goverment authorities. If gorverment authorities regulate crytpocurrency it is more simple to work for crypto startups their.
Most places you don't need any license of any sort. It depends on where you are operating and the laws they make there. Only if you dealing in fiat-crypto or crypto-fiat then you most likely would need to.