{"url_path":"/sec/cik-0001725882/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-21","source_url":"https://www.sec.gov/Archives/edgar/data/1725882/0001213900-26-060125-index.html","accession_number":"0001213900-26-060125","cik":"0001725882","ticker":null,"issuer_name":"INX Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1725882/0001213900-26-060125-index.html","primary_entity_key":"0001725882","primary_entity_name":"INX Ltd"},"word_count":744,"has_tables":true,"body_markdown":"**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, DC 20549**\n\n** **\n\n**FORM 20-F**\n\n \n\n**☐ REGISTRATION STATEMENT PURSUANT TO SECTION\n12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**OR**\n\n** **\n\n**☒ ANNUAL REPORT PURSUANT TO SECTION 13\nOR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For the fiscal year ended December 31, 2025**\n\n** **\n\n**OR**\n\n** **\n\n**☐ TRANSITION REPORT PURSUANT TO SECTION\n13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For the transition period from          \nto         **\n\n** **\n\n**OR**\n\n** **\n\n**☐ SHELL COMPANY REPORT PURSUANT TO\nSECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**Commission File No.: 333-233363**\n\n \n\n**INX LIMITED**\n\n*(Exact name of registrant as specified in its\ncharter)*\n\n* *\n\n**Not Applicable**\n\n(*Translation of Registrant’s name into\nEnglish*)\n\n** **\n\n**Gibraltar**\n\n(*Jurisdiction of incorporation or organization*)\n\n** **\n\n**57/63 Line Wall Road**\n\n**Gibraltar, GX11 1AA**\n\n(*Address of principal executive offices*)\n\n \n\n**Vladislav Uchenik**\n\n**57/63 Line Wall Road**\n\n**Gibraltar, GX11 1AA**\n\n**legal@republic.com**\n\n**212-401-6930**\n\n(*Name, Telephone, E-mail and/or Facsimile number\nand Address of Company Contact Person*)\n\n \n\nSecurities registered or to be registered pursuant\nto Section 12(b) of the Act: **None**\n\n \n\nSecurities registered or to be registered pursuant\nto Section 12(g) of the Act: **None**\n\n \n\nSecurities for which there is a reporting obligation\npursuant to Section 15(d) of the Act: INX Tokens\n\n \n\n \n\n \n\n \n\nIndicate the number of outstanding shares of each\nof the issuer’s classes of capital or common stock as of December 31, 2025: 47,635,875 ordinary shares of GBP 0.001 par\nvalue\n\n \n\nIndicate by check mark whether Registrant is a\nwell-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\n \n\nIf this report is an annual or transition report,\nindicate by check mark if Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act\nof 1934. Yes ☐ No ☒\n\n \n\nIndicate by check mark whether the Registrant\n(1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding\n12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing\nrequirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant\nhas submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§\n232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\nYes ☐ No ☐\n\n \n\nIndicate by check mark whether Registrant is a\nlarge accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “accelerated\nfiler”, “large accelerated filer”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Emerging growth company ☒\n\n \n\nIf an emerging growth company that prepares its\nfinancial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition\nperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant\nhas filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial\nreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or\nissued its audit report. ☐\n\n \n\nIf securities are registered pursuant to Section\n12(b) of the Act, indicate by check mark whether the financial statements of the registrant reflect the correction of an error to previously\nissued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error\ncorrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s\nexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark which basis of accounting\nthe Registrant has used to prepare the financial statements included in this filing:\n\n \n\nU.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐\n\n \n\nIf “Other” has been check in response\nto the previous question, by check mark which financial statement item Registrant has elected to follow. Item 17 ☐ Item 18 ☐\n\n \n\nIf this is an annual report, indicate by check\nmark whether Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ \n\n \n\n \n\n \n\n \n\n \n\n \n\nTABLE OF CONTENTS\n\n \n\n[PART I](#a_001)\n1"}