Morning Post - October 26

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▌Report: Meta’s metaverse lost as much as $9.4 billion this year

The Meta report shows that Reality Labs, its metaverse division, lost $3.7 billion in the third quarter of this year. That brings Reality Lab's year-to-date losses to a staggering $9.4 billion. Meta said it "doesn't expect Reality Labs' operating losses" to grow significantly over the next year. Reality Labs reported revenue of $285 million for the quarter, down from $558 million a year earlier, Meta said. The company's "family of apps" business unit, which includes Facebook and Instagram, registered $27.4 billion in revenue. Recently, the CEO of Meta shareholder Altimeter Capital Management suggested in a blog post that the company cut its workforce by at least 20% in addition to reducing investment, primarily by limiting Reality Labs spending to no more than $5 billion per year . Less than a month ago, Zuckerberg told employees Meta was freezing hiring and restructuring teams to cut costs.

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▌Vietnamese PM calls on government to regulate cryptocurrencies

According to news on October 27, Vietnamese Prime Minister Pham Minh Zheng said that in view of the continuous trading of encrypted assets by Vietnamese residents, the Vietnamese government should study cryptocurrency regulation and add virtual currency amendments to the Anti-Money Laundering Act. Vietnam's National Assembly will discuss the anti-money laundering bill on Nov. 1 and may decide whether to approve it at the end of its session on Nov. 15.

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▌Fitch: Lack of regulation restricts U.S. banking industry from participating in the cryptocurrency field

The legislative framework for banking and digital assets at the federal level needs to be approved by the US Congress. Until a comprehensive and desirable global regulatory framework for crypto is in place, the U.S. banking industry may proceed with caution.

▌The central bank of the United Arab Emirates tried cbank digital currency transactions

The Central Bank of the United Arab Emirates (CBUAE) said on Wednesday it has completed the world's largest central bank digital currency (CBDC) transaction pilot with other regulators, including the People's Bank of China Digital Currency Research Institute. The pilot project is part of the mBridge project, an experiment in cross-border payments using a common distributed ledger technology (DLT)-based platform that central banks can use to issue and exchange their CBDCs.

▌Singapore proposes to ban retail investors from borrowing to buy cryptocurrencies

Singapore has proposed banning retail investors from borrowing money to buy cryptocurrencies, part of a series of proposals to further tighten its regulatory regime for digital assets. Other possible measures, in a Monetary Authority of Singapore consultation paper, include a ban on businesses using tokens deposited by retail investors for lending or staking to generate yield.

▌ Binance launches native oracle service Binance Oracle

On October 26th, Binance launched a native oracle service, Binance Oracle, which allows blockchain smart contracts to connect with real-world data, starting with BNB Chain. Binance Oracle will allow existing decentralized applications (DApps) and Web3 ecosystem partners on the BNB chain to access existing data sources and advanced computing, and more than a dozen BNB Chain projects have already integrated with the Binance Oracle network.