Has both L-asparaginase and beta-aspartyl peptidase activity. Does not have aspartylglucosaminidase activity and is inactive toward GlcNAc-L-Asn. Likewise, has no activity toward glutamine. H2O + L-asparagine = L-aspartate + NH4(+) Cleavage of a beta-linked Asp residue from the N-terminus of a polypeptide. Heterodimer of an alpha and beta chain produced by autocleavage. Cleaved into an alpha and beta chain by autocatalysis; this activates the enzyme. The N-terminal residue of the beta subunit is responsible for the nucleophile hydrolase activity. Belongs to the Ntn-hydrolase family.