Based on ICANN's definition (http://www.todayisp.com/):
Generally speaking, an unsponsored gTLD Registry operates under policies established by the global Internet community directly through the ICANN process...a sponsored TLD is a specialized TLD that has a sponsor representing a specific community that is served by the TLD. The sponsor thus carries out delegated policy-formulation responsibilities over many matters concerning the TLD...
An important reason why .ASIA should be a Sponsored gTLD is that it will retain certain policy formulation responsibilities specific to the interests of the sponsored community. For example, the .ASIA registry will have an expanded list of reserved domain names; explore the feasibility and value of augmenting the UDRP with local DRP forums; eligibility requirements; and other policies and practices that minimize abusive registration activities and other activities that affect the legal rights of others, especially in the community.
The boundaries of the .ASIA community are clearly defined based on the ICANN Asia / Australia / Pacific region (http://www.todayisp.com/). Eligibility of domain registrations is restricted to legal entities within the boundary.
101Domain views Asia as a term that appropriately embodies the diverse and vibrant Pan-Asia and Asia-Pacific community, and a TLD name-string that is representative, short, recognizable and conceptually viable. 101Domain believes that Asia as a term used for a TLD has broad significance, clear and lasting value, and creates a new and differentiated space that enhances the diversity of the Internet namespace.