The UAE's crypto economy grew 32% to $104.8 billion. The Iran war brought regional conflict and slowed the Emirates' broader economic growth, but its crypto economy kept growing. With the UAE, MENA contracted 1.4%. Without it, the rest of MENA contracted 8.6%. This didn't happen overnight. The UAE spent years courting crypto business and leading on crypto regulation. It has paid off: institutional capital looking for a durable regulated hub has concentrated there. Other jurisdictions will be studying this for years. @HenriArslanian of Nine Blocks Capital Management calls the UAE "an example of how to grab an opportunity."