diff --git a/runtime/altair/src/migrations.rs b/runtime/altair/src/migrations.rs
index 949dd37e10..6de3291c7f 100644
--- a/runtime/altair/src/migrations.rs
+++ b/runtime/altair/src/migrations.rs
@@ -12,6 +12,9 @@
 
 use crate::{ForeignInvestments, OraclePriceCollection, OraclePriceFeed, OrderBook};
 
+// Number of identities on Altair Chain on 30.05.2024 was 34
+const IDENTITY_MIGRATION_KEY_LIMIT: u64 = 1000;
+
 /// The migration set for Altair @ Kusama.
 /// It includes all the migrations that have to be applied on that chain.
 pub type UpgradeAltair1035 = (
@@ -20,4 +23,15 @@ pub type UpgradeAltair1035 = (
 	runtime_common::migrations::increase_storage_version::Migration<OrderBook, 0, 1>,
 	runtime_common::migrations::increase_storage_version::Migration<ForeignInvestments, 0, 1>,
 	pallet_collator_selection::migration::v1::MigrateToV1<crate::Runtime>,
+	runtime_common::migrations::loans::AddWithLinearPricing<crate::Runtime>,
+	// As of May 2024, the `pallet_balances::Hold` storage was empty. But better be safe.
+	runtime_common::migrations::hold_reason::MigrateTransferAllowListHolds<
+		crate::Runtime,
+		crate::RuntimeHoldReason,
+	>,
+	// Migrations below this comment originate from Polkadot SDK
+	pallet_xcm::migration::MigrateToLatestXcmVersion<crate::Runtime>,
+	cumulus_pallet_xcmp_queue::migration::v4::MigrationToV4<crate::Runtime>,
+	pallet_identity::migration::versioned::V0ToV1<crate::Runtime, IDENTITY_MIGRATION_KEY_LIMIT>,
+	pallet_uniques::migration::MigrateV0ToV1<crate::Runtime, ()>,
 );
diff --git a/runtime/centrifuge/src/migrations.rs b/runtime/centrifuge/src/migrations.rs
index 7bba719806..38880827ae 100644
--- a/runtime/centrifuge/src/migrations.rs
+++ b/runtime/centrifuge/src/migrations.rs
@@ -12,6 +12,9 @@
 
 use crate::{OraclePriceCollection, OraclePriceFeed};
 
+// Number of identities on Centrifuge Chain on 29.05.2024 was 34
+const IDENTITY_MIGRATION_KEY_LIMIT: u64 = 1000;
+
 /// The migration set for Centrifuge @ Polkadot.
 /// It includes all the migrations that have to be applied on that chain.
 pub type UpgradeCentrifuge1029 = (
@@ -19,4 +22,13 @@ pub type UpgradeCentrifuge1029 = (
 	runtime_common::migrations::increase_storage_version::Migration<OraclePriceCollection, 0, 1>,
 	pallet_collator_selection::migration::v1::MigrateToV1<crate::Runtime>,
 	runtime_common::migrations::loans::AddWithLinearPricing<crate::Runtime>,
+	runtime_common::migrations::hold_reason::MigrateTransferAllowListHolds<
+		crate::Runtime,
+		crate::RuntimeHoldReason,
+	>,
+	// Migrations below this comment originate from Polkadot SDK
+	pallet_xcm::migration::MigrateToLatestXcmVersion<crate::Runtime>,
+	cumulus_pallet_xcmp_queue::migration::v4::MigrationToV4<crate::Runtime>,
+	pallet_identity::migration::versioned::V0ToV1<crate::Runtime, IDENTITY_MIGRATION_KEY_LIMIT>,
+	pallet_uniques::migration::MigrateV0ToV1<crate::Runtime, ()>,
 );
diff --git a/runtime/common/src/migrations/hold_reason.rs b/runtime/common/src/migrations/hold_reason.rs
new file mode 100644
index 0000000000..da29b24d5a
--- /dev/null
+++ b/runtime/common/src/migrations/hold_reason.rs
@@ -0,0 +1,151 @@
+// Copyright 2023 Centrifuge Foundation (centrifuge.io).
+//
+// This file is part of the Centrifuge chain project.
+// Centrifuge is free software: you can redistribute it and/or modify
+// it under the terms of the GNU General Public License as published by
+// the Free Software Foundation, either version 3 of the License, or
+// (at your option) any later version (see http://www.gnu.org/licenses).
+// Centrifuge is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+// GNU General Public License for more details.
+
+use cfg_primitives::{AccountId, Balance};
+use frame_support::{
+	pallet_prelude::ValueQuery,
+	storage_alias,
+	traits::{ConstU32, Get, Len, OnRuntimeUpgrade, VariantCountOf},
+	Blake2_128Concat, BoundedVec, Parameter,
+};
+use pallet_balances::IdAmount;
+use pallet_order_book::weights::Weight;
+use pallet_transfer_allowlist::HoldReason;
+#[cfg(feature = "try-runtime")]
+use parity_scale_codec::{Decode, Encode};
+use parity_scale_codec::{FullCodec, FullEncode};
+#[cfg(feature = "try-runtime")]
+use sp_runtime::Saturating;
+#[cfg(feature = "try-runtime")]
+use sp_runtime::TryRuntimeError;
+use sp_runtime::{traits::Member, SaturatedConversion};
+use sp_std::{vec, vec::Vec};
+
+const LOG_PREFIX: &str = "MigrateTransferAllowList HoldReason:";
+
+pub struct MigrateTransferAllowListHolds<T, RuntimeHoldReason>(
+	sp_std::marker::PhantomData<(T, RuntimeHoldReason)>,
+);
+
+type OldHolds = BoundedVec<IdAmount<(), Balance>, ConstU32<10>>;
+type NewHolds<RuntimeHoldReason> =
+	BoundedVec<IdAmount<RuntimeHoldReason, Balance>, VariantCountOf<RuntimeHoldReason>>;
+
+#[storage_alias]
+pub type Holds<T: pallet_balances::Config> =
+	StorageMap<pallet_balances::Pallet<T>, Blake2_128Concat, AccountId, OldHolds, ValueQuery>;
+
+impl<T, RuntimeHoldReason> OnRuntimeUpgrade for MigrateTransferAllowListHolds<T, RuntimeHoldReason>
+where
+	T: pallet_balances::Config<Balance = Balance, RuntimeHoldReason = RuntimeHoldReason>
+		+ pallet_transfer_allowlist::Config
+		+ frame_system::Config<AccountId = AccountId>,
+	<T as pallet_balances::Config>::RuntimeHoldReason: From<pallet_transfer_allowlist::HoldReason>,
+	RuntimeHoldReason: frame_support::traits::VariantCount
+		+ FullCodec
+		+ FullEncode
+		+ Parameter
+		+ Member
+		+ sp_std::fmt::Debug,
+{
+	fn on_runtime_upgrade() -> Weight {
+		let transfer_allowlist_accounts: Vec<AccountId> =
+			pallet_transfer_allowlist::AccountCurrencyTransferAllowance::<T>::iter_keys()
+				.map(|(a, _, _)| a)
+				.collect();
+		let mut weight =
+			T::DbWeight::get().reads(transfer_allowlist_accounts.len().saturated_into());
+
+		pallet_balances::Holds::<T>::translate::<OldHolds, _>(|who, holds| {
+			if Self::account_can_be_migrated(&who, &transfer_allowlist_accounts) {
+				log::info!("{LOG_PREFIX} Migrating hold for account {who:?}");
+				let id_amount = IdAmount::<RuntimeHoldReason, Balance> {
+					id: HoldReason::TransferAllowance.into(),
+					// Non-emptiness ensured above
+					amount: holds[0].amount,
+				};
+				weight.saturating_accrue(T::DbWeight::get().reads_writes(1, 1));
+
+				Some(NewHolds::truncate_from(vec![id_amount]))
+			} else {
+				None
+			}
+		});
+
+		log::info!(
+			"{LOG_PREFIX} migrated {:?} accounts",
+			transfer_allowlist_accounts.len()
+		);
+
+		weight
+	}
+
+	#[cfg(feature = "try-runtime")]
+	fn pre_upgrade() -> Result<Vec<u8>, TryRuntimeError> {
+		let transfer_allowlist_accounts: Vec<AccountId> =
+			pallet_transfer_allowlist::AccountCurrencyTransferAllowance::<T>::iter_keys()
+				.map(|(a, _, _)| a)
+				.collect();
+
+		let mut n = 0u64;
+		for (acc, _) in Holds::<T>::iter() {
+			assert!(Self::account_can_be_migrated(
+				&acc,
+				&transfer_allowlist_accounts
+			));
+			n.saturating_accrue(1);
+		}
+
+		log::info!("{LOG_PREFIX} pre checks done");
+		Ok(n.encode())
+	}
+
+	#[cfg(feature = "try-runtime")]
+	fn post_upgrade(pre_state: Vec<u8>) -> Result<(), TryRuntimeError> {
+		let count_pre: u64 = Decode::decode(&mut pre_state.as_slice())
+			.expect("pre_upgrade provides a valid state; qed");
+
+		let holds_post = pallet_balances::Holds::<T>::iter();
+		let count_post: u64 = holds_post.count().saturated_into();
+		assert_eq!(count_pre, count_post);
+
+		for (_, hold) in pallet_balances::Holds::<T>::iter() {
+			assert_eq!(hold.len(), 1);
+			assert_eq!(hold[0].id, HoldReason::TransferAllowance.into());
+		}
+
+		log::info!("{LOG_PREFIX} post checks done");
+		Ok(())
+	}
+}
+
+impl<T, RuntimeHoldReason> MigrateTransferAllowListHolds<T, RuntimeHoldReason>
+where
+	T: pallet_balances::Config
+		+ pallet_transfer_allowlist::Config
+		+ frame_system::Config<AccountId = AccountId>,
+{
+	fn account_can_be_migrated(who: &AccountId, whitelist: &[AccountId]) -> bool {
+		if !whitelist.iter().any(|a| a == who) {
+			log::warn!("{LOG_PREFIX} Account {who:?} is skipped due to missing AccountCurrencyTransferAllowance storage entry");
+			return false;
+		}
+
+		match Holds::<T>::get(who) {
+			holds if holds.len() == 1 => true,
+			_ => {
+				log::warn!("{LOG_PREFIX} Account {who:?} does not meet Hold storage assumptions");
+				false
+			}
+		}
+	}
+}
diff --git a/runtime/common/src/migrations/mod.rs b/runtime/common/src/migrations/mod.rs
index b4bbaa8069..dc12bdeb04 100644
--- a/runtime/common/src/migrations/mod.rs
+++ b/runtime/common/src/migrations/mod.rs
@@ -12,6 +12,7 @@
 
 //! Centrifuge Runtime-Common Migrations
 
+pub mod hold_reason;
 pub mod increase_storage_version;
 pub mod loans;
 pub mod nuke;
diff --git a/runtime/development/src/migrations.rs b/runtime/development/src/migrations.rs
index 0f3d1912b6..87e8267783 100644
--- a/runtime/development/src/migrations.rs
+++ b/runtime/development/src/migrations.rs
@@ -16,6 +16,9 @@ parameter_types! {
 	pub const AnnualTreasuryInflationPercent: u32 = 3;
 }
 
+// Number of identities on Dev and Demo Chain on 30.05.2024 was both 0
+const IDENTITY_MIGRATION_KEY_LIMIT: u64 = 1000;
+
 /// The migration set for Development & Demo.
 /// It includes all the migrations that have to be applied on that chain.
 pub type UpgradeDevelopment1047 = (
@@ -30,11 +33,10 @@ pub type UpgradeDevelopment1047 = (
 	// v0 -> v1
 	runtime_common::migrations::nuke::ResetPallet<crate::Democracy, crate::RocksDbWeight, 0>,
 	// v0 -> v1
-	pallet_xcm::migration::v1::VersionUncheckedMigrateToV1<crate::Runtime>,
+	runtime_common::migrations::nuke::ResetPallet<crate::PolkadotXcm, crate::RocksDbWeight, 0>,
 	runtime_common::migrations::increase_storage_version::Migration<crate::PoolSystem, 0, 2>,
 	runtime_common::migrations::increase_storage_version::Migration<crate::InterestAccrual, 0, 3>,
 	runtime_common::migrations::increase_storage_version::Migration<crate::Investments, 0, 1>,
-	runtime_common::migrations::increase_storage_version::Migration<crate::BlockRewards, 0, 2>,
 	runtime_common::migrations::increase_storage_version::Migration<crate::OraclePriceFeed, 0, 1>,
 	runtime_common::migrations::increase_storage_version::Migration<
 		crate::OraclePriceCollection,
@@ -42,14 +44,25 @@ pub type UpgradeDevelopment1047 = (
 		1,
 	>,
 	runtime_common::migrations::increase_storage_version::Migration<crate::OrmlAssetRegistry, 0, 2>,
-	// Reset Block rewards
+	// Reset Block rewards on Demo which is at v0
 	runtime_common::migrations::nuke::ResetPallet<crate::BlockRewards, crate::RocksDbWeight, 0>,
+	// Reset Block rewards on Dev which is at v2
+	runtime_common::migrations::nuke::ResetPallet<crate::BlockRewards, crate::RocksDbWeight, 2>,
 	pallet_block_rewards::migrations::init::InitBlockRewards<
 		crate::Runtime,
 		CollatorReward,
 		AnnualTreasuryInflationPercent,
 	>,
 	runtime_common::migrations::loans::AddWithLinearPricing<crate::Runtime>,
+	runtime_common::migrations::hold_reason::MigrateTransferAllowListHolds<
+		crate::Runtime,
+		crate::RuntimeHoldReason,
+	>,
+	// Migrations below this comment originate from Polkadot SDK
+	pallet_xcm::migration::MigrateToLatestXcmVersion<crate::Runtime>,
+	cumulus_pallet_xcmp_queue::migration::v4::MigrationToV4<crate::Runtime>,
+	pallet_identity::migration::versioned::V0ToV1<crate::Runtime, IDENTITY_MIGRATION_KEY_LIMIT>,
+	pallet_uniques::migration::MigrateV0ToV1<crate::Runtime, ()>,
 );
 
 mod cleanup_foreign_investments {