Since these are affine algebraic groups, there is an equivalent ring-theoretic statement. Namely, a character over a commutative ring $R$ is an $R$-Hopf algebra map from $R[x,x^{-1}]$ to $R[y]$, where the comultiplication is $x \mapsto x \otimes x$ on the left and $y \mapsto y \otimes 1 + 1 \otimes y$ on the right.
To be an $R$-algebra map, $x$ has to go to an invertible element of $R[y]$. We will write it as $f(y) = \sum_{i=0}^n r_i y^i$, where $r_0 \in R^\times$. Taking tensor square is a functor on algebras, so we get a map
$$R[x,x^{-1}] \otimes_R R[x,x^{-1}] \to R[y] \otimes_R R[y] = R[y,z]$$
that in particular yields the assignment:
$$x \otimes x \mapsto f(y) f(z) = \sum_{j=0}^n \sum_{k=0}^n r_j r_k y^j z^k.$$
To have a Hopf algebra map, it is necessary and sufficient that this be equal to the image of $f(y)$ under the comultiplication map, which is $$\sum_{i=0}^n \sum_{j=0}^i \binom{i}{j} r_i y^j z^{i-j}.$$
Comparing the coefficients of $y^j z^k$ yields the system of equations $r_jr_k = \binom{j+k}{j} r_{j+k}$, where $r_m = 0$ for $m > n$.
We find that $r_0 = 1$ (since $r_0$ is an invertible idempotent), and all $r_i$ for $i \geq 1$ are nilpotent. Since the complex numbers have no nonzero nilpotents, all characters defined over $\mathbb{C}$ are trivial.
A little more work shows that there is a functor from schemes to sets that takes the spectrum of a ring $R$ to the character group of the additive group over $R$. This functor is formally represented by the multiplicative formal group $\widehat{\mathbb{G}_m}$, whose reduced subscheme is $\operatorname{Spec} \mathbb{Z}$. This is an example of Cartier duality where one has to allow formal schemes to take duals of commutative affine groups.
Regarding the exponential function, it does not yield a map from $R[x,x^{-1}]$ to $R[y]$, but in characteristic zero, there is a formal exponential map to the completion $R[[y]]$, which is the coordinate ring of the formal additive group $\widehat{\mathbb{G}_a}$. This is given by sending $x$ to $\exp(y) = \sum_{i = 0}^\infty \frac{y^i}{i!}$, and it is straightforward to check that the assignment $r_i = 1/i!$ satisfies the system of equations $r_j r_k = \binom{j+k}{j} r_{j+k}$. In positive characteristic, you can't divide by $i!$, but there is a formal exponential to a formal divided power series algebra, which yields a sort of PD-additive group. In other words, the exponential does yield a homomorphism when restricted to an infinitesimal neighborhood of the identity, but that homomorphism cannot be extended to a homomorphism (in group schemes) on the whole additive group.