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Globally, the market demand for fins, uncontrolled bycatch, and illegal fishing are all contributing to the sharp decline in shark and ray populations. Within two decades (2002–2021), ASEAN countries provided 19.4% of 15.06 million tons (2.9 million tons) of elasmobranch species landings, with Indonesia, Malaysia, and Thailand dominating. Moreover, ASEAN product variety, taxonomic uncertainty, and trade complexity make endangered species trade control challenging. The existence of legally protected and endangered elasmobranch species in the Asian market has been the subject of multiple investigations, which has brought attention to the inadequacies of present management and conservation strategies. The development of DNA-based methods for identifying elasmobranchs and present new approaches to combat the problem of illegal shark and ray fin trafficking, such as high-throughput sequencing (HTS) as an alternative to conventional DNA barcoding. Enhancing trade monitoring could provide persistent benefits for shark and ray resources in Southeast Asian ecosystems and populations, while also promoting a legal, sustainable, and traceable trade.