What are the requirements for DeX?

Could you please elaborate on the specific requirements for operating a Decentralized Exchange (DeX)? Are there any technical prerequisites such as blockchain compatibility, smart contract standards, or security protocols that need to be adhered to? Are there any regulatory hurdles that must be navigated, or do DeXs operate in a largely unregulated environment? Additionally, what are the operational considerations for running a DeX, including liquidity management, transaction fees, and user experience? Understanding these requirements is crucial for any individual or entity looking to establish or participate in a DeX.