In a skillet, melt butter over medium heat. Add bell pepper and cook for 2-3 minutes, until slightly tender. Add garlic and saute for 1 minute.
Add flour, stirring to combine. Pour in heavy cream and whisk to combine. Add in asparagus. Bring to a simmer and continue to cook until cream is reduced. About 2 to 4 minutes.
Add crab meat, paprika and cayenne pepper. Simmer until heated through. Taste and season with salt if desired.