The Arctic Continental Ocean Gap Flag is a geographic flag. It represents the area above the most northern point of the continents, found in Asia. Thus it can be flown anywhere from 73 degrees 43' north (the most northern tip of Asia) unto the north pole 90 degrees north.
Yellow is associated with Asia and the yellow ring of the Olympic Ring, we have a yellow stripe along the bottom. Since the crab is the most northern water sign of the zodiac, its symbol is in the center.