Blockchain adoption has grown rapidly across emerging markets, particularly within financial institutions, yet the factors driving this adoption remain underexplored. This study aims to (i) identify the factors that determine blockchain adoption in emerging markets and (ii) examine how these factors influence the perceived impact of blockchain on stakeholders. Using a systematic literature review (SLR) of n = 44 articles, the analysis identifies three categories of influencing factors: (i) technological, (ii) organizational, and (iii) institutional. Technological factors include tool availability, infrastructure, system compatibility, automation, and security. Organizational factors include management support, training, culture, and resource availability. Institutional factors include government measures, competitive pressure, stakeholder trust, and market demand. The findings have practical implications for emerging-market practitioners and offer evidence-based guidance for policymakers and financial institutions seeking to support sustainable blockchain implementation in their respective contexts.