This is far from a new idea, it's coming from the banking sector, and I believe it should suit cryptos exchanges just fine. Because there are 2 kinds of exchange.
It's good to define activities and separate entities based on the services they provide. It becomes easier for the regulators to regulate and protect the interest of the consumer.
A normal exchange is a company which exchanges fiat currency with cryptocurrency, and vice-versa, taking a small fee in the process. And that's it. Nothing else. I believe these exchanges hardly need to be regulated, because most often they don't store any funds. You make a deal with them, and when it's over, the customer relation is over, everything's terminated.
Well, if these kinds of exchanges are not regulated, then the majority of the black money translations will take place here. In the cryptocurrency world, it's a big risk. Many governments have already raised their voices against money laundering risks. Non-regulation will just make it worse and more uncontrollable. If regulation is under consideration, both kind of exchanges need to be regulated.