The rest of the regional markets we track—Thailand, Malaysia, Vietnam, Singapore, and the Philippines—land far behind Indonesia, but their relative rankings accord with expectations given each country’s population, level of economic development, and per capita income in relation to one another.

Top 10 countries for ecommerce growth

And people who have been excluded from mainstream financial institutions can easily access crypto platforms, which is likely why other developing countries like Vietnam and Nigeria were also among the top 10 adopters. Where’s the Indian crypto space headed? In spite of an uncertain regulatory environment, investors are still piling into crypto fintechs. Regulatory uncertainty.