The Internet Corporation for Assigned Names and Numbers (ICANN) has approved the .asia top-level domain. (CNET’s News.com has the story.) It will be managed by DotAsia Organization, located in Hong Kong.
On a different note, when researching this I wound up on the ICANN site at the page you see in thumbnail to your left. (Click on it to see it full size.) What’s notable is that there was no way back to the main page: none of the words or images was a hyperlink home. And this is the organization that in one sense, at least, controls the web. Dot oops, I’d say.