diff --git a/Cargo.lock b/Cargo.lock
index fb9485a98e..db14921565 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -9620,9 +9620,11 @@ dependencies = [
  "frame-support",
  "frame-system",
  "log",
+ "pallet-asset-manager",
  "pallet-assets",
  "pallet-balances",
  "pallet-evm",
+ "pallet-moonbeam-foreign-assets",
  "pallet-scheduler",
  "pallet-timestamp",
  "parity-scale-codec",
@@ -9632,6 +9634,8 @@ dependencies = [
  "sp-io",
  "sp-runtime",
  "sp-std",
+ "staging-xcm",
+ "xcm-primitives 0.1.1",
 ]
 
 [[package]]
diff --git a/pallets/moonbeam-lazy-migrations/Cargo.toml b/pallets/moonbeam-lazy-migrations/Cargo.toml
index cf03633392..4e00e0999e 100644
--- a/pallets/moonbeam-lazy-migrations/Cargo.toml
+++ b/pallets/moonbeam-lazy-migrations/Cargo.toml
@@ -13,13 +13,16 @@ frame-support = { workspace = true }
 frame-system = { workspace = true }
 pallet-scheduler = { workspace = true }
 pallet-assets = { workspace = true }
+pallet-asset-manager = { workspace = true }
 pallet-balances = { workspace = true }
+pallet-moonbeam-foreign-assets = { workspace = true }
 parity-scale-codec = { workspace = true }
 scale-info = { workspace = true, features = ["derive"] }
 sp-core = { workspace = true }
 sp-io = { workspace = true }
 sp-runtime = { workspace = true }
 sp-std = { workspace = true }
+xcm-primitives = { workspace = true }
 
 # Frontier
 pallet-evm = { workspace = true, features = ["forbid-evm-reentrancy"] }
@@ -52,7 +55,11 @@ std = [
   "pallet-evm/std",
   "pallet-timestamp/std",
   "pallet-assets/std",
+  "pallet-moonbeam-foreign-assets/std",
+  "pallet-asset-manager/std", 
   "cumulus-primitives-storage-weight-reclaim/std",
   "rlp/std",
+   "xcm/std",
+  "xcm-primitives/std",
 ]
 try-runtime = ["frame-support/try-runtime"]
diff --git a/pallets/moonbeam-lazy-migrations/src/lib.rs b/pallets/moonbeam-lazy-migrations/src/lib.rs
index 58875eefee..222e4a74a0 100644
--- a/pallets/moonbeam-lazy-migrations/src/lib.rs
+++ b/pallets/moonbeam-lazy-migrations/src/lib.rs
@@ -40,8 +40,11 @@ pub mod pallet {
 	use super::*;
 	use cumulus_primitives_storage_weight_reclaim::get_proof_size;
 	use frame_support::pallet_prelude::*;
+	use frame_support::traits::fungibles::metadata::Inspect;
 	use frame_system::pallet_prelude::*;
 	use sp_core::H160;
+	use xcm::latest::Location;
+	use xcm_primitives::AssetTypeGetter;
 
 	pub const ARRAY_LIMIT: u32 = 1000;
 	pub type GetArrayLimit = ConstU32<ARRAY_LIMIT>;
@@ -76,7 +79,16 @@ pub mod pallet {
 
 	/// Configuration trait of this pallet.
 	#[pallet::config]
-	pub trait Config: frame_system::Config + pallet_evm::Config + pallet_balances::Config {
+	pub trait Config:
+		frame_system::Config
+		+ pallet_evm::Config
+		+ pallet_balances::Config
+		+ pallet_assets::Config<AssetId = u128>
+		+ pallet_asset_manager::Config<AssetId = u128>
+		+ pallet_moonbeam_foreign_assets::Config
+	{
+		// Origin that is allowed to freeze foreign assets for migration
+		type ForeignAssetFreezerOrigin: EnsureOrigin<Self::RuntimeOrigin>;
 		type WeightInfo: WeightInfo;
 	}
 
@@ -94,6 +106,12 @@ pub mod pallet {
 		ContractNotExist,
 		/// The key lengths exceeds the maximum allowed
 		KeyTooLong,
+		/// The symbol length exceeds the maximum allowed
+		SymbolTooLong,
+		/// The name length exceeds the maximum allowed
+		NameTooLong,
+		/// The asset type was not found
+		AssetTypeNotFound,
 	}
 
 	pub(crate) const MAX_ITEM_PROOF_SIZE: u64 = 30 * 1024; // 30 KB
@@ -322,7 +340,8 @@ pub mod pallet {
 	}
 
 	#[pallet::call]
-	impl<T: Config> Pallet<T> {
+	impl<T: Config> Pallet<T>
+	where <T as pallet_asset_manager::Config>::ForeignAssetType: Into<Option<Location>>{
 		// TODO(rodrigo): This extrinsic should be removed once the storage of destroyed contracts
 		// has been removed
 		#[pallet::call_index(1)]
@@ -412,6 +431,39 @@ pub mod pallet {
 			)
 				.into())
 		}
+
+		// TODO update weights
+		#[pallet::call_index(3)]
+		#[pallet::weight(0)]
+		pub fn freeze_foreign_asset(
+			origin: OriginFor<T>,
+			asset_id: u128,
+		) -> DispatchResultWithPostInfo {
+			<T as pallet_moonbeam_foreign_assets::Config>::ForeignAssetFreezerOrigin::ensure_origin(origin.clone())?;
+
+			// Freeze the asset
+			pallet_assets::Pallet::<T>::freeze_asset(origin.clone(), asset_id.into())?;
+
+			let decimals = pallet_assets::Pallet::<T>::decimals(asset_id);
+			let symbol = pallet_assets::Pallet::<T>::symbol(asset_id)
+				.try_into()
+				.map_err(|_| Error::<T>::SymbolTooLong)?;
+			let name = <pallet_assets::Pallet<T> as Inspect<_>>::name(asset_id)
+				.try_into()
+				.map_err(|_| Error::<T>::NameTooLong)?;
+
+			let location: Option<Location> =
+				pallet_asset_manager::Pallet::<T>::get_asset_type(asset_id)
+					.ok_or(Error::<T>::AssetTypeNotFound)?
+					.into();
+
+			// Create the SC for the asset with moonbeam foreign assets pallet
+			pallet_moonbeam_foreign_assets::Pallet::<T>::create_foreign_asset(
+				origin, asset_id, location.unwrap(), decimals, symbol, name,
+			)?;
+
+			Ok(Pays::No.into())
+		}
 	}
 
 	impl<T: Config> Pallet<T> {
diff --git a/runtime/moonbase/src/lib.rs b/runtime/moonbase/src/lib.rs
index b7677f7159..17b3988ec1 100644
--- a/runtime/moonbase/src/lib.rs
+++ b/runtime/moonbase/src/lib.rs
@@ -120,6 +120,7 @@ use sp_std::{
 use sp_version::NativeVersion;
 use sp_version::RuntimeVersion;
 use xcm::{VersionedAssetId, VersionedAssets, VersionedLocation, VersionedXcm};
+use xcm_config::ForeignAssetManagerOrigin;
 use xcm_runtime_apis::{
 	dry_run::{CallDryRunEffects, Error as XcmDryRunApiError, XcmDryRunEffects},
 	fees::Error as XcmPaymentApiError,
@@ -1168,6 +1169,7 @@ impl pallet_migrations::Config for Runtime {
 }
 
 impl pallet_moonbeam_lazy_migrations::Config for Runtime {
+	type ForeignAssetFreezerOrigin = ForeignAssetManagerOrigin;
 	type WeightInfo = moonbase_weights::pallet_moonbeam_lazy_migrations::WeightInfo<Runtime>;
 }
 
diff --git a/runtime/moonbeam/src/lib.rs b/runtime/moonbeam/src/lib.rs
index 05a79d2811..d32e1f2d20 100644
--- a/runtime/moonbeam/src/lib.rs
+++ b/runtime/moonbeam/src/lib.rs
@@ -1158,7 +1158,15 @@ impl pallet_migrations::Config for Runtime {
 	type XcmExecutionManager = XcmExecutionManager;
 }
 
+pub type ForeignAssetFreezerOrigin = EitherOfDiverse<
+	EnsureRoot<AccountId>,
+	EitherOfDiverse<
+		pallet_collective::EnsureProportionMoreThan<AccountId, OpenTechCommitteeInstance, 5, 9>,
+		governance::custom_origins::GeneralAdmin,
+	>,
+>;
 impl pallet_moonbeam_lazy_migrations::Config for Runtime {
+	type ForeignAssetFreezerOrigin = ForeignAssetFreezerOrigin;
 	type WeightInfo = moonbeam_weights::pallet_moonbeam_lazy_migrations::WeightInfo<Runtime>;
 }
 
diff --git a/runtime/moonriver/src/lib.rs b/runtime/moonriver/src/lib.rs
index 69fdba085e..ed75ae4ee6 100644
--- a/runtime/moonriver/src/lib.rs
+++ b/runtime/moonriver/src/lib.rs
@@ -1162,7 +1162,16 @@ impl pallet_migrations::Config for Runtime {
 	type XcmExecutionManager = XcmExecutionManager;
 }
 
+pub type ForeignAssetFreezerOrigin = EitherOfDiverse<
+	EnsureRoot<AccountId>,
+	EitherOfDiverse<
+		pallet_collective::EnsureProportionMoreThan<AccountId, OpenTechCommitteeInstance, 5, 9>,
+		governance::custom_origins::GeneralAdmin,
+	>,
+>;
+
 impl pallet_moonbeam_lazy_migrations::Config for Runtime {
+	type ForeignAssetFreezerOrigin = ForeignAssetFreezerOrigin;
 	type WeightInfo = moonriver_weights::pallet_moonbeam_lazy_migrations::WeightInfo<Runtime>;
 }