diff --git a/x/asset/keeper/migrations.go b/x/asset/keeper/migrations.go
new file mode 100644
index 0000000..9b0d35b
--- /dev/null
+++ b/x/asset/keeper/migrations.go
@@ -0,0 +1,18 @@
+package keeper
+
+import (
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	v2 "github.com/planetmint/planetmint-go/x/asset/migrations/v2"
+)
+
+type Migrator struct {
+	keeper Keeper
+}
+
+func NewMigrator(keeper Keeper) Migrator {
+	return Migrator{keeper: keeper}
+}
+
+func (m Migrator) Migrate1to2(ctx sdk.Context) error {
+	return v2.MigrateStore(ctx, m.keeper.storeKey, m.keeper.cdc)
+}
diff --git a/x/asset/migrations/v2/store.go b/x/asset/migrations/v2/store.go
new file mode 100644
index 0000000..2a9dac3
--- /dev/null
+++ b/x/asset/migrations/v2/store.go
@@ -0,0 +1,39 @@
+package v2
+
+import (
+	"github.com/cosmos/cosmos-sdk/codec"
+	"github.com/cosmos/cosmos-sdk/store/prefix"
+	storetypes "github.com/cosmos/cosmos-sdk/store/types"
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	"github.com/planetmint/planetmint-go/util"
+	"github.com/planetmint/planetmint-go/x/asset/types"
+)
+
+func MigrateStore(ctx sdk.Context, storeKey storetypes.StoreKey, cdc codec.BinaryCodec) error {
+	store := prefix.NewStore(ctx.KVStore(storeKey), types.KeyPrefix(types.AssetKey))
+
+	mapping := make(map[string][][]byte)
+
+	// read all cids
+	iterator := store.Iterator(nil, nil)
+	defer iterator.Close()
+	for ; iterator.Valid(); iterator.Next() {
+		addressBytes := iterator.Value()
+		cidBytes := iterator.Key()
+
+		// map all cids by address
+		mapping[string(addressBytes)] = append(mapping[string(addressBytes)], cidBytes)
+	}
+
+	// store all cids with new key
+	for address, cids := range mapping {
+		assetByAddressStore := prefix.NewStore(ctx.KVStore(storeKey), types.AddressPrefix(address))
+		for i, cid := range cids {
+			assetByAddressStore.Set(util.SerializeUint64(uint64(i)), cid)
+		}
+		addressAssetCountStore := prefix.NewStore(ctx.KVStore(storeKey), types.KeyPrefix(types.AssetKey))
+		addressAssetCountStore.Set(types.AddressCountKey(address), util.SerializeUint64(uint64(len(cids))))
+	}
+
+	return nil
+}
diff --git a/x/asset/module.go b/x/asset/module.go
index b79e807..99a108b 100644
--- a/x/asset/module.go
+++ b/x/asset/module.go
@@ -116,6 +116,11 @@ func NewAppModule(
 func (am AppModule) RegisterServices(cfg module.Configurator) {
 	types.RegisterMsgServer(cfg.MsgServer(), keeper.NewMsgServerImpl(am.keeper))
 	types.RegisterQueryServer(cfg.QueryServer(), am.keeper)
+
+	m := keeper.NewMigrator(am.keeper)
+	if err := cfg.RegisterMigration(types.ModuleName, 1, m.Migrate1to2); err != nil {
+		panic(fmt.Errorf("failed to register migration of %s to v2: %w", types.ModuleName, err))
+	}
 }
 
 // RegisterInvariants registers the invariants of the module. If an invariant deviates from its predicted value, the InvariantRegistry triggers appropriate logic (most often the chain will be halted)
@@ -141,7 +146,7 @@ func (am AppModule) ExportGenesis(ctx sdk.Context, cdc codec.JSONCodec) json.Raw
 }
 
 // ConsensusVersion is a sequence number for state-breaking change of the module. It should be incremented on each consensus-breaking change introduced by the module. To avoid wrong/empty versions, the initial version should be set to 1
-func (AppModule) ConsensusVersion() uint64 { return 1 }
+func (AppModule) ConsensusVersion() uint64 { return 2 }
 
 // BeginBlock contains the logic that is automatically triggered at the beginning of each block
 func (am AppModule) BeginBlock(_ sdk.Context, _ abci.RequestBeginBlock) {