diff --git a/packages/asset/contracts/Asset.sol b/packages/asset/contracts/Asset.sol
index 9fb6b826ca..46fcbf54e7 100644
--- a/packages/asset/contracts/Asset.sol
+++ b/packages/asset/contracts/Asset.sol
@@ -384,5 +384,21 @@ contract Asset is
         return "ASSET";
     }
 
-    uint256[49] private __gap;
+    address private _owner;
+
+    /// @notice Returns the owner of the contract
+    /// @return address of the owner
+    function owner() external view returns (address) {
+        return _owner;
+    }
+
+    /// @notice Sets the owner of the contract
+    /// @param newOwner address of the new owner
+    function transferOwnership(address newOwner) external {
+        require(hasRole(DEFAULT_ADMIN_ROLE, _msgSender()), "Asset: Unauthorized");
+        _owner = newOwner;
+        emit OwnershipTransferred(_owner, newOwner);
+    }
+
+    uint256[48] private __gap;
 }
diff --git a/packages/asset/contracts/Catalyst.sol b/packages/asset/contracts/Catalyst.sol
index 861713fc2c..a16cb20dc5 100644
--- a/packages/asset/contracts/Catalyst.sol
+++ b/packages/asset/contracts/Catalyst.sol
@@ -324,5 +324,21 @@ contract Catalyst is
         return "CATALYST";
     }
 
-    uint256[49] private __gap;
+    address private _owner;
+
+    /// @notice Returns the owner of the contract
+    /// @return address of the owner
+    function owner() external view returns (address) {
+        return _owner;
+    }
+
+    /// @notice Sets the owner of the contract
+    /// @param newOwner address of the new owner
+    function transferOwnership(address newOwner) external {
+        require(hasRole(DEFAULT_ADMIN_ROLE, _msgSender()), "Asset: Unauthorized");
+        _owner = newOwner;
+        emit OwnershipTransferred(_owner, newOwner);
+    }
+
+    uint256[48] private __gap;
 }
diff --git a/packages/asset/contracts/interfaces/IAsset.sol b/packages/asset/contracts/interfaces/IAsset.sol
index bc0bed29d2..14fbd02068 100644
--- a/packages/asset/contracts/interfaces/IAsset.sol
+++ b/packages/asset/contracts/interfaces/IAsset.sol
@@ -18,6 +18,7 @@ interface IAsset {
     }
 
     event TrustedForwarderChanged(address indexed newTrustedForwarderAddress);
+    event OwnershipTransferred(address indexed previousOwner, address indexed newOwner);
 
     /// @notice Mint new tokens
     /// @dev Only callable by the minter role
diff --git a/packages/asset/contracts/interfaces/ICatalyst.sol b/packages/asset/contracts/interfaces/ICatalyst.sol
index eb1d3e564e..eaa03c7cda 100644
--- a/packages/asset/contracts/interfaces/ICatalyst.sol
+++ b/packages/asset/contracts/interfaces/ICatalyst.sol
@@ -9,6 +9,7 @@ interface ICatalyst {
     event DefaultRoyaltyChanged(address indexed newDefaultRoyaltyRecipient, uint256 newDefaultRoyaltyAmount);
     event BaseURISet(string baseURI);
     event OperatorRegistrySet(address indexed registry);
+    event OwnershipTransferred(address indexed previousOwner, address indexed newOwner);
 
     /// @notice Mints a new token, limited to MINTER_ROLE only
     /// @param to The address that will own the minted token
diff --git a/packages/asset/test/Asset.test.ts b/packages/asset/test/Asset.test.ts
index 6ede4a03bd..6bdea8f5e1 100644
--- a/packages/asset/test/Asset.test.ts
+++ b/packages/asset/test/Asset.test.ts
@@ -23,6 +23,34 @@ describe('Base Asset Contract (/packages/asset/contracts/Asset.sol)', function (
       expect(await AssetContract.symbol()).to.be.equal('ASSET');
     });
   });
+  describe('Owner', function () {
+    it('should not have the owner set when initially deployed', async function () {
+      const {AssetContract} = await runAssetSetup();
+      expect(await AssetContract.owner()).to.be.equal(
+        ethers.constants.AddressZero
+      );
+    });
+    it('allows DEFAULT_ADMIN_ROLE to transfer the ownership', async function () {
+      const {AssetContract, assetAdmin} = await runAssetSetup();
+      await AssetContract.connect(assetAdmin).transferOwnership(
+        assetAdmin.address
+      );
+      expect(await AssetContract.owner()).to.be.equals(assetAdmin.address);
+    });
+    it('does not allow non-DEFAULT_ADMIN_ROLE account to transfer the ownership', async function () {
+      const {AssetContract, deployer} = await runAssetSetup();
+      await expect(
+        AssetContract.connect(deployer).transferOwnership(deployer.address)
+      ).to.be.revertedWith('Asset: Unauthorized');
+    });
+    it('emits OwnershipTransferred event when DEFAULT_ADMIN_ROLE transfers the ownership', async function () {
+      const {AssetContract, assetAdmin} = await runAssetSetup();
+      const tx = await AssetContract.connect(assetAdmin).transferOwnership(
+        assetAdmin.address
+      );
+      await expect(tx).to.emit(AssetContract, 'OwnershipTransferred');
+    });
+  });
   describe('Access Control', function () {
     it('should have MINTER_ROLE defined', async function () {
       const {AssetContract} = await runAssetSetup();
diff --git a/packages/asset/test/Catalyst.test.ts b/packages/asset/test/Catalyst.test.ts
index 01af6daccf..685d46239e 100644
--- a/packages/asset/test/Catalyst.test.ts
+++ b/packages/asset/test/Catalyst.test.ts
@@ -259,6 +259,32 @@ describe('Catalyst (/packages/asset/contracts/Catalyst.sol)', function () {
       ).to.revertedWith('Catalyst: CID cant be empty');
     });
   });
+  describe('Owner', function () {
+    it('should not have the owner set when initially deployed', async function () {
+      const {catalyst} = await runCatalystSetup();
+      expect(await catalyst.owner()).to.be.equal(ethers.constants.AddressZero);
+    });
+    it('allows DEFAULT_ADMIN_ROLE to transfer the ownership', async function () {
+      const {catalyst, catalystAdmin} = await runCatalystSetup();
+      await catalyst
+        .connect(catalystAdmin)
+        .transferOwnership(catalystAdmin.address);
+      expect(await catalyst.owner()).to.be.equals(catalystAdmin.address);
+    });
+    it('does not allow non-DEFAULT_ADMIN_ROLE account to transfer the ownership', async function () {
+      const {catalyst, deployer} = await runCatalystSetup();
+      await expect(
+        catalyst.connect(deployer).transferOwnership(deployer.address)
+      ).to.be.revertedWith('Asset: Unauthorized');
+    });
+    it('emits OwnershipTransferred event when DEFAULT_ADMIN_ROLE transfers the ownership', async function () {
+      const {catalyst, catalystAdmin} = await runCatalystSetup();
+      const tx = await catalyst
+        .connect(catalystAdmin)
+        .transferOwnership(catalystAdmin.address);
+      await expect(tx).to.emit(catalyst, 'OwnershipTransferred');
+    });
+  });
   describe('Admin Role', function () {
     it('Admin can set minter', async function () {
       const {catalystAsAdmin, user1, minterRole} = await runCatalystSetup();
diff --git a/packages/asset/test/fixtures/asset/assetFixture.ts b/packages/asset/test/fixtures/asset/assetFixture.ts
index 7ecff10e3a..e4f486657b 100644
--- a/packages/asset/test/fixtures/asset/assetFixture.ts
+++ b/packages/asset/test/fixtures/asset/assetFixture.ts
@@ -74,6 +74,7 @@ export function generateAssetId(
 
 export async function runAssetSetup() {
   const [
+    deployer,
     assetAdmin,
     owner,
     secondOwner,
@@ -272,6 +273,7 @@ export async function runAssetSetup() {
     AssetContractAsMinter,
     AssetContractAsBurner,
     AssetContractAsAdmin,
+    deployer,
     owner,
     assetAdmin,
     minter,