diff --git a/pallets/foreign-assets/src/benchmarking.rs b/pallets/foreign-assets/src/benchmarking.rs
index c6ca9ece7f..a88035ae2b 100644
--- a/pallets/foreign-assets/src/benchmarking.rs
+++ b/pallets/foreign-assets/src/benchmarking.rs
@@ -48,4 +48,30 @@ mod benchmarks {
 
 		Ok(())
 	}
+
+	#[benchmark]
+	fn force_reset_foreign_asset_location() -> Result<(), BenchmarkError> {
+		let old_asset_id: AssetId = (Parachain(1000), PalletInstance(42), GeneralIndex(1)).into();
+		let new_asset_id: AssetId = (Parachain(2000), PalletInstance(42), GeneralIndex(1)).into();
+		let name = create_u16_data::<MAX_COLLECTION_NAME_LENGTH>();
+		let token_prefix = create_data::<MAX_TOKEN_PREFIX_LENGTH>();
+		let mode = ForeignCollectionMode::NFT;
+
+		<Pallet<T>>::force_register_foreign_asset(
+			RawOrigin::Root.into(),
+			Box::new(old_asset_id.clone().into()),
+			name,
+			token_prefix,
+			mode,
+		)?;
+
+		#[extrinsic_call]
+		_(
+			RawOrigin::Root,
+			Box::new(old_asset_id.into()),
+			Box::new(new_asset_id.into()),
+		);
+
+		Ok(())
+	}
 }
diff --git a/pallets/foreign-assets/src/lib.rs b/pallets/foreign-assets/src/lib.rs
index 49c89a93d2..17519fcbf7 100644
--- a/pallets/foreign-assets/src/lib.rs
+++ b/pallets/foreign-assets/src/lib.rs
@@ -118,6 +118,9 @@ pub mod module {
 
 		/// The given asset ID could not be converted into the current XCM version.
 		BadForeignAssetId,
+
+		/// The specified foreign asset is not found.
+		ForeignAssetNotFound,
 	}
 
 	#[pallet::event]
@@ -131,6 +134,11 @@ pub mod module {
 
 		/// The migration status.
 		MigrationStatus(Box<MigrationStatus>),
+
+		ForeignAssetMoved {
+			old_asset_id: Box<VersionedAssetId>,
+			new_asset_id: Box<VersionedAssetId>,
+		}
 	}
 
 	/// The corresponding collections of foreign assets.
@@ -233,6 +241,44 @@ pub mod module {
 
 			Ok(())
 		}
+
+		#[pallet::call_index(1)]
+		#[pallet::weight(<T as Config>::WeightInfo::force_reset_foreign_asset_location())]
+		pub fn force_reset_foreign_asset_location(
+			origin: OriginFor<T>,
+			existing_versioned_asset_id: Box<VersionedAssetId>,
+			new_versioned_asset_id: Box<VersionedAssetId>,
+		) -> DispatchResult {
+			T::ManagerOrigin::ensure_origin(origin.clone())?;
+
+			let existing_asset_id: AssetId = existing_versioned_asset_id
+				.as_ref()
+				.clone()
+				.try_into()
+				.map_err(|()| Error::<T>::BadForeignAssetId)?;
+
+			let new_asset_id: AssetId = new_versioned_asset_id
+				.as_ref()
+				.clone()
+				.try_into()
+				.map_err(|()| Error::<T>::BadForeignAssetId)?;
+
+			let collection_id = <ForeignAssetToCollection<T>>::get(&existing_asset_id)
+				.ok_or(Error::<T>::ForeignAssetNotFound)?;
+
+			<ForeignAssetToCollection<T>>::remove(&existing_asset_id);
+			<CollectionToForeignAsset<T>>::remove(collection_id);
+
+			<ForeignAssetToCollection<T>>::insert(&new_asset_id, collection_id);
+			<CollectionToForeignAsset<T>>::insert(collection_id, new_asset_id);
+
+			Self::deposit_event(Event::<T>::ForeignAssetMoved {
+				old_asset_id: existing_versioned_asset_id,
+				new_asset_id: new_versioned_asset_id,
+			});
+
+			Ok(())
+		}
 	}
 
 	#[pallet::genesis_config]
diff --git a/pallets/foreign-assets/src/weights.rs b/pallets/foreign-assets/src/weights.rs
index e1da49d0c0..50f4fce3be 100644
--- a/pallets/foreign-assets/src/weights.rs
+++ b/pallets/foreign-assets/src/weights.rs
@@ -34,6 +34,8 @@ use sp_std::marker::PhantomData;
 /// Weight functions needed for pallet_foreign_assets.
 pub trait WeightInfo {
 	fn force_register_foreign_asset() -> Weight;
+
+	fn force_reset_foreign_asset_location() -> Weight;
 }
 
 /// Weights for pallet_foreign_assets using the Substrate node and recommended hardware.
@@ -64,6 +66,17 @@ impl<T: frame_system::Config> WeightInfo for SubstrateWeight<T> {
 			.saturating_add(T::DbWeight::get().reads(3_u64))
 			.saturating_add(T::DbWeight::get().writes(7_u64))
 	}
+
+	// FIXME run the benchmarks
+	fn force_reset_foreign_asset_location() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `146`
+		//  Estimated: `4080`
+		// Minimum execution time: 26_678_000 picoseconds.
+		Weight::from_parts(27_177_000, 4080)
+			.saturating_add(T::DbWeight::get().reads(3_u64))
+			.saturating_add(T::DbWeight::get().writes(7_u64))
+	}
 }
 
 // For backwards compatibility and tests
@@ -93,5 +106,16 @@ impl WeightInfo for () {
 			.saturating_add(RocksDbWeight::get().reads(3_u64))
 			.saturating_add(RocksDbWeight::get().writes(7_u64))
 	}
+
+	// FIXME run the benchmarks
+	fn force_reset_foreign_asset_location() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `146`
+		//  Estimated: `4080`
+		// Minimum execution time: 26_678_000 picoseconds.
+		Weight::from_parts(27_177_000, 4080)
+			.saturating_add(RocksDbWeight::get().reads(3_u64))
+			.saturating_add(RocksDbWeight::get().writes(7_u64))
+	}
 }