Napassorn Lertussavavivat

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Associate

Biography

Napassorn Lertussavavivat is an associate in Tilleke & Gibbins’ corporate and commercial team in Bangkok. She represents local and multinational clients in the life sciences, manufacturing, automotive, energy, insurance, hospitality, and services industries, among others, on a range of commercial legal matters in Thailand. Napassorn has particular expertise in company establishment, licensing and permits, Board of Investment (BOI) applications and promotional schemes, due diligence for M&As, labor and employment, and related legal compliance matters in Thailand.

Prior to joining the firm, Napassorn worked for several years at the Bangkok office of one of the world’s largest professional services firms. She graduated with an LLB from Thammasat University in Thailand and an LLM in International Financial Law from King’s College London, and is fluent in both Thai and English.

Experience

Acted for Satang Corporation and its shareholders in the sale of a 97% stake to Unita Capital, a wholly owned subsidiary of Kasikornbank PCL. This transaction is the largest successful and complete acquisition of a digital asset exchange operator licensed by the Thai Securities and Exchange Commission, marking an important milestone for the Thai digital asset industry.
Assisted a leading automotive company in Thailand in an amalgamation project involving transfer of licenses and permits.
Assisted a major company in the electronics industry in obtaining a corporate income tax exemption incentive worth over THB 500 million from Thailand’s Board of Investment.
Provided a leading telecommunications company in Japan legal advice regarding a telecommunications operating license.
Conducted a legal compliance health check regarding tax incentive utilization for automotive part manufacturers.
Assisted a company in the beverage industry with registration for an e-commerce license.

ABOUT Napassorn

Education

LLM, King’s College London

LLB, Thammasat University

Insights

September 11, 2025

Thailand to Allow Tokenization and Trading of Carbon Credits

Thailand’s Securities and Exchange Commission (SEC) has amended its digital asset regulations to permit the offering, trading, and provision of services related to tokenized environmental commodities by licensed digital asset exchanges, brokers, and dealers. This regulatory development is aimed at facilitating Thailand’s green economy and net-zero goals while diversifying the products available in the regulated digital assets market. The environmental commodities currently being traded on certain market platforms and via over-the-counter channels include: Carbon credits: Tradable certificates representing a reduction of CO₂ emitted into the atmosphere. Renewable energy certificates (RECs): Tradable proof of electricity generated from renewable energy sources. Carbon allowances: Tradable permits to emit a capped amount of greenhouse gases. The tokenization of these instruments is essentially the process of converting them into digital tokens, making it possible to list them on blockchain exchanges for trading purposes. Background Tokenized carbon credits, RECs, and carbon allowances fall under the category of utility tokens for consumption purposes or tokens representing entitlement certificates—that is, group 1 utility tokens, which are not considered financial products. The offering, trading, and provision of secondary-market services of this type of token are exempted from licensing requirements for regulated digital asset businesses under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). Under the previous regulatory framework, licensed digital asset business operators were not allowed to provide services involving such unregulated tokens, as it was deemed to be engaging in “other businesses,” which digital asset operators generally cannot engage in without prior SEC approval. Regulatory Amendment Under the amended digital asset regulations, licensed digital asset exchanges, brokers, and dealers may now apply for SEC approval to offer services related to these tokenized assets as “other businesses,” including listing them for trading on digital asset exchanges. Apart from requiring operators to comply with the general conditions

September 2, 2025

Thailand Tightens Oversight on Direct Sales and Direct Marketing

Thailand’s Office of the Consumer Protection Board (OCPB) has initiated a sweeping regulatory review of licensed direct sale and direct marketing businesses in Thailand and is in the process of notifying business operators to submit their annual business report and financial statement to the OCPB as part of their postlicensing obligations. This move marks a significant escalation in the government’s efforts to enforce compliance and transparency in the sector, which has faced growing scrutiny in recent years. Key Regulatory Considerations All businesses holding a direct sales or direct marketing license are required to submit their audited financial statement along with their business operation report to the OCPB within 60 days from the end of their fiscal year (extendable for up to 30 days by request, if necessary). The OCPB is currently conducting license audits as part of its enforcement duties. The office aims to complete audits for at least 90% of the 2,983 registered businesses that have obtained their license since 2022. This includes a review of the business conduct of the license holder. New license applications are also under scrutiny. Applicants are currently being subjected to background checks, and the OCPB has signaled a more rigorous vetting process moving forward. Impact of Noncompliance Failure to comply with these reporting obligations may result in escalating enforcement actions, including: Official notice to rectify noncompliance within a specified timeframe. Revocation of business registration, if the operator fails to respond. Revocation of business registration could result in a five-year prohibition on reapplying for a direct sales or direct marketing license following the revocation. The OCPB has already initiated outreach efforts, including SMS and email notifications, and has hosted seminars to raise awareness of these obligations. These measures are part of a broader initiative to enhance transparency and consumer trust in the sector. Businesses operating in the direct selling and

September 2, 2025

Thailand Proposes New Rules for Foreign Satellite Services

Thailand’s National Space Policy Committee (NSPC) has proposed new regulations that would permit foreign satellite operators to provide services within the country. The draft announcement responds to rapid advancements in digital and space technologies that have led to new global satellite operators expanding their services worldwide, including into Thailand. These include low-Earth-orbit (LEO) satellite constellations offering high-speed internet, nonterrestrial network (NTN) technologies that integrate terrestrial and satellite communications, and direct-to-device (D2D) technologies that transmit signals directly from satellites to mobile devices without relying on terrestrial networks. The draft aims to replace the existing announcement, which was issued in 2021, to better align with current national policies on foreign satellite usage. The draft announcement was published for public consultation on August 20, 2025, with the comment period concluding on September 3, 2025. Applying for Authorization Two types of operators may apply for authorization: Thai operators who intend to use foreign satellites owned by World Trade Organization (WTO) member countries to provide satellite communication services to third parties; and Foreign operators of satellites owned by WTO member countries who intend to operate a business providing satellite communication services within Thailand. Applications for approval must be submitted to the National Broadcasting and Telecommunications Commission (NBTC) according to the NBTC’s established procedures. In considering whether to permit foreign satellites to provide services within Thailand, the relevant authority will take into account technical justifications, economic benefits, social benefits, and national security considerations. Determining Satellite Ownership The determination of which country qualifies as the owner of a satellite is based primarily on the country that holds the satellite network filing rights registered with the International Telecommunication Union (ITU). The satellite network filing includes details regarding frequency usage, orbital positions, and technical specifications of the satellite operations. It serves as a regulatory tool used by the

August 21, 2025

Tilleke Adopts Harvey to Accelerate AI-Powered Legal Services across Southeast Asia

Tilleke & Gibbins is pleased to announce that the firm has adopted Harvey, a leading enterprise-grade AI platform for the global legal industry. The firm is proceeding with a rollout of Harvey’s legal AI solutions, which are supported by robust security and confidentiality protections, across the firm’s full-service regional practice in Southeast Asia. This initiative builds on the firm’s recent deployment of Microsoft Copilot and represents another advancement in Tilleke & Gibbins’ commitment to leveraging technology for enhanced legal service delivery. Under the program, legal professionals across the firm’s offices in Cambodia, Indonesia, Laos, Myanmar, Thailand, and Vietnam will have access to the full Harvey platform, equipping them to deliver practical, impactful, and results-driven legal services for clients throughout the region. The firm will also develop bespoke agentic workflows within Harvey tailored to the firm’s core practices and the unique requirements of Southeast Asian legal markets. Commenting on the initiative, Managing Partner Tiziana Sucharitkul stated, “At Tilleke & Gibbins, we have consistently invested in developing and adopting technology to improve the speed, precision, and overall excellence of our legal services. The firm’s decision to invest in Harvey exemplifies our commitment to innovation, further differentiating Tilleke & Gibbins within Southeast Asia’s legal landscape.” Managing Partner Darani Vachanavuttivong remarked, “By combining the deep regional expertise of our lawyers with Harvey’s market-leading domain-specific AI, we are empowering our regional team to streamline drafting, research, and review processes for complex legal matters, all while maintaining the high standards of quality and security our clients expect from us.” Harvey’s Chief Business Officer John Haddock added, “It’s clear Tilleke & Gibbins is investing heavily in innovation, and it’s clear their global clients will benefit significantly from their focus and investment. The Harvey team is thrilled to support the firm’s journey with our platform.”

Awards & Rankings

September 12, 2025

Tilleke & Gibbins Strengthens Position in IFLR1000 Asia-Pacific 2025/2026

The 2025/2026 edition of the IFLR1000 Asia-Pacific rankings, released by International Financial Law Review (IFLR), highlights Tilleke & Gibbins’ continued excellence in financial and corporate transactional work. The firm has maintained its strong rankings across multiple jurisdictions and practice areas while achieving notable upgrades and new recognitions, reaffirming its position as a leading firm in the Asia-Pacific region. This year, Tilleke & Gibbins received firmwide rankings in key jurisdictions, including: Thailand Banking & Finance—Tier 3 Capital Markets: Debt—Tier 3 Capital Markets: Equity—Tier 3 M&A—Tier 2 Project Development—Tier 2 Restructuring & Insolvency—Tier 3 Vietnam Banking & Finance—Tier 4 M&A—Tier 3 Project Development—Tier 3 Cambodia Financial & Corporate—Tier 2 Project Development—Tier 2 Laos Financial & Corporate—Tier 2 In addition to these firmwide rankings, Tilleke & Gibbins had several standout individual recognitions, with 12 lawyers honored in the 2025/2026 individual rankings—an increase from last year’s 10. This year’s results include upgraded rankings for John Frangos and new rankings for Charupat Boon-Long, Derrick Khoo, Prisna Sungwanna, and Saravut Krailadsiri. The full list is as follows: Charunun Sathitsuksomboon—Highly Regarded, M&A, Thailand; Women Leader Charupat Boon-Long—Rising Star, M&A, Thailand (new ranking) David Mol—Rising Star, Corporate and M&A, Cambodia Derrick Khoo—Rising Star (Partner), Financial and Corporate, Thailand (new ranking) Jay Cohen—Highly Regarded, Banking, Cambodia John Frangos—Highly Regarded, Restructuring & Insolvency, Thailand (upgraded ranking) Niti Muangkote—Rising Star, Financial & Corporate and Project Development, Laos; Highly Regarded, Banking & Finance, Thailand Prisna Sungwanna—Highly Regarded, Financial & Corporate, Laos (new ranking) Saithong Rattana—Notable Practitioner, Project Development and M&A, Laos Santhapat Periera—Highly Regarded, Banking & Finance and M&A, Laos; Highly Regarded, Banking & Finance, Thailand Saravut Krailadsiri—Notable Practitioner, Thailand (new ranking) Tram Ngoc Bich Nguyen—Highly Regarded, M&A, Vietnam To see the full set of IFLR1000 rankings for Tilleke & Gibbins’ jurisdictions, please see the Cambodia, Laos, Thailand, and Vietnam pages

May 13, 2025

Tilleke & Gibbins Named Among IHC Firms of the Year 2024 in Thailand and Vietnam

Tilleke & Gibbins has been recognized in the In-House Community (IHC) Firms of the Year 2024, earning accolades across 19 categories in Thailand and Vietnam. The results, based on surveys of in-house counsel across Asia, reflect client perspectives on the quality and responsiveness of legal services in key practice areas. The firm received 11 Firm of the Year awards and two honorable mentions in Thailand, along with six Firm of the Year awards in Vietnam. Notably, Tilleke & Gibbins was named “Most Responsive International Law Firm” in both jurisdictions—an acknowledgment that underscores the firm’s longstanding commitment to client service. Firm of the Year – Thailand Most Responsive International Law Firm Antitrust/Competition Banking and Finance Employment Energy and Projects Intellectual Property International Arbitration Litigation and Dispute Resolution Real Estate and Construction Taxation Technology, Media, and Telecommunications Honorable Mention: Capital Markets Honorable Mention: Corporate and M&A Firm of the Year – Vietnam Most Responsive International Law Firm Employment Intellectual Property International Arbitration Litigation and Dispute Resolution Technology, Media, and Telecommunications The IHC Firms of the Year rankings are determined through responses from thousands of in-house counsel and corporate decision-makers in Asia and the Middle East. Tilleke & Gibbins is honored to receive this recognition from the clients and peers it serves across the region.

April 18, 2025

Tilleke & Gibbins Named 2025 ALB Employer of Choice in Thailand and Vietnam

Asian Legal Business has released its 2025 “Employer of Choice” rankings, and Tilleke & Gibbins has once again secured top honors as a premier employer in the legal sector in both Thailand and Vietnam. This marks the 13th consecutive year that the firm has been recognized as Employer of Choice in Thailand and the 11th time in Vietnam.

April 1, 2025

Tilleke & Gibbins Recognized in 10 Categories at ABLJ Thailand Law Firm Awards 2025

Tilleke & Gibbins has been recognized in 10 categories at the 2025 Thailand Law Firm Awards from Asia Business Law Journal (ABLJ). These awards celebrate the country’s top law firms across key practice areas, as well as a separate category for the best overall firms. This year, Tilleke & Gibbins was named a leader in: Best Overall Law Firms Aviation Competition & Antitrust Data Compliance & Cybersecurity ESG (Environmental, Social, and Governance) Healthcare & Life Sciences IP Prosecution Private Equity & Venture Capital Shipping & Maritime Technology, Media & Telecoms The awards were determined by ABLJ’s research team, which evaluates law firms based on their recent work, client feedback, and standing in the market. ABLJ is a legal publication in Asia, providing in-depth coverage of legal and business developments across the region. Its annual Thailand Law Firm Awards highlight excellence in legal practice and industry leadership. For more details and the full list of winners, please visit the Asia Business Law Journal website.

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