Has both L-asparaginase and beta-aspartyl peptidase activity. May be involved in the production of L-aspartate, which can act as an excitatory neurotransmitter in some brain regions. Is highly active with L-Asp beta-methyl ester. Besides, has catalytic activity toward beta-aspartyl dipeptides and their methyl esters, including beta-L-Asp-L-Phe, beta-L-Asp-L-Phe methyl ester (aspartame), beta-L-Asp-L-Ala, beta-L-Asp-L-Leu and beta-L-Asp-L-Lys. 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. This heterodimer may then dimerize in turn, giving rise to a heterotetramer. Midpiece of sperm tail. In retina localizes in photoreceptor inner segment (PubMed:27106100). High expression in the heart and brain while low to minimal expression in the other tissues. In ocular tissues, high levels is observed in the optic nerve and retina while relatively low levels of expression are detected in the iris-ciliary body, lens or retinal pigment epithelium. 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.