The new .Asia internet domain goes live today after receiving more than half a million web site applications in just three weeks.

Asia-Pacific is one of the fastest growing broadband markets in the world with 510 million people already online.

The rush to grab domain names exceeded expectations, said Edmon Chung, chief executive of DotAsia.

"This is a testament to the global interest in the thriving Asia internet marketplace, and the investment appeal for the most prestigious cyber real-estate in Asia,” he said.

But registering names does not always signify legitimate business interest.

Cyber squatters often rush to register names they think companies may want to buy at a later date.

And new top level domains such as .Asia often present a dilemma for UK businesses who want to prevent cyber squatters from profiting at their expense.

Businesses must analyse whether the domains represents their target market, said Lesley Cowley chief executive of UK domain registery Nominet.

"With all these suffixes businesses need to look at what name is most relevant to that market."

Local domain suffixes in the area such as .cn will still apply.