diff --git a/contracts/interfaces/IMeTokenRegistry.sol b/contracts/interfaces/IMeTokenRegistry.sol
index 59f8e412..ebb07503 100644
--- a/contracts/interfaces/IMeTokenRegistry.sol
+++ b/contracts/interfaces/IMeTokenRegistry.sol
@@ -28,6 +28,9 @@ interface IMeTokenRegistry {
         address _to,
         address _meToken
     );
+    event CancelTransferMeTokenOwnership(address _from, address _meToken);
+    event ClaimMeTokenOwnership(address _from, address _to, address _meToken);
+
     event UpdateBalancePooled(bool add, address _meToken, uint256 _amount);
     event UpdateBalanceLocked(bool add, address _meToken, uint256 _amount);
 
@@ -95,6 +98,13 @@ interface IMeTokenRegistry {
     /// @param _newOwner TODO
     function transferMeTokenOwnership(address _newOwner) external;
 
+    /// @notice TODO
+    function cancelTransferMeTokenOwnership() external;
+
+    /// @notice TODO
+    /// @param _oldOwner TODO
+    function claimMeTokenOwnership(address _oldOwner) external;
+
     /// @notice TODO
     /// @param _owner TODO
     /// @return TODO
diff --git a/contracts/registries/MeTokenRegistry.sol b/contracts/registries/MeTokenRegistry.sol
index d97b6875..13b41563 100644
--- a/contracts/registries/MeTokenRegistry.sol
+++ b/contracts/registries/MeTokenRegistry.sol
@@ -31,7 +31,9 @@ contract MeTokenRegistry is Ownable, IMeTokenRegistry {
     IMigrationRegistry public migrationRegistry;
 
     mapping(address => Details.MeToken) private _meTokens; // key pair: ERC20 address
+    // TODO: this mapping will break when multiple addresses revoke ownership to 0 address
     mapping(address => address) private _owners; // key: address of owner, value: address of meToken
+    mapping(address => address) private _pendingOwners; // key: address of owner, value: address of pending owner
 
     constructor(
         address _foundry,
@@ -272,18 +274,48 @@ contract MeTokenRegistry is Ownable, IMeTokenRegistry {
 
     /// @inheritdoc IMeTokenRegistry
     function transferMeTokenOwnership(address _newOwner) external override {
+        require(
+            _pendingOwners[msg.sender] == address(0),
+            "transfer ownership already pending"
+        );
         require(!isOwner(_newOwner), "_newOwner already owns a meToken");
+        require(_newOwner != address(0), "Cannot transfer to 0 address");
+        address meToken_ = _owners[msg.sender];
+        require(meToken_ != address(0), "meToken does not exist");
+        _pendingOwners[msg.sender] = _newOwner;
+
+        emit TransferMeTokenOwnership(msg.sender, _newOwner, meToken_);
+    }
+
+    /// @inheritdoc IMeTokenRegistry
+    function cancelTransferMeTokenOwnership() external override {
+        require(
+            _pendingOwners[msg.sender] != address(0),
+            "transferMeTokenOwnership() not initiated"
+        );
 
-        // TODO: what happens if multiple people want to revoke ownership to 0 address?
         address _meToken = _owners[msg.sender];
+        require(_meToken != address(0), "meToken does not exist");
 
-        require(_meToken != address(0), "!meToken");
+        delete _pendingOwners[msg.sender];
+        emit CancelTransferMeTokenOwnership(msg.sender, _meToken);
+    }
+
+    /// @inheritdoc IMeTokenRegistry
+    function claimMeTokenOwnership(address _oldOwner) external override {
+        require(!isOwner(msg.sender), "Already owns a meToken");
+        require(msg.sender == _pendingOwners[_oldOwner], "!_pendingOwner");
+
+        address _meToken = _owners[_oldOwner];
         Details.MeToken storage meToken_ = _meTokens[_meToken];
-        meToken_.owner = _newOwner;
-        _owners[msg.sender] = address(0);
-        _owners[_newOwner] = _meToken;
 
-        emit TransferMeTokenOwnership(msg.sender, _newOwner, _meToken);
+        meToken_.owner = msg.sender;
+        _owners[msg.sender] = _meToken;
+
+        delete _owners[_oldOwner];
+        delete _pendingOwners[_oldOwner];
+
+        emit ClaimMeTokenOwnership(_oldOwner, msg.sender, _meToken);
     }
 
     function setWarmup(uint256 warmup_) external onlyOwner {
diff --git a/test/contracts/registries/MeTokenRegistry.ts b/test/contracts/registries/MeTokenRegistry.ts
index 83588680..47fe8ad0 100644
--- a/test/contracts/registries/MeTokenRegistry.ts
+++ b/test/contracts/registries/MeTokenRegistry.ts
@@ -107,7 +107,6 @@ describe("MeTokenRegistry.sol", () => {
         toETHNumber(baseY),
         reserveWeight / MAX_WEIGHT
       );
-      console.log(`    calculatedRes:${calculatedRes}`);
       expect(toETHNumber(await meToken.totalSupply())).to.equal(calculatedRes);
     });
   });
@@ -121,7 +120,7 @@ describe("MeTokenRegistry.sol", () => {
         meTokenRegistry
           .connect(account3)
           .transferMeTokenOwnership(account2.address)
-      ).to.revertedWith("!meToken");
+      ).to.revertedWith("meToken does not exist");
 
       await expect(
         meTokenRegistry.transferMeTokenOwnership(account1.address)
@@ -131,14 +130,15 @@ describe("MeTokenRegistry.sol", () => {
       const meTokenAddr = await meTokenRegistry.getOwnerMeToken(
         account1.address
       );
-
       const tx = await meTokenRegistry
         .connect(account1)
         .transferMeTokenOwnership(account2.address);
-
-      /*    await expect(tx)
-        .to.emit(meTokenRegistry, "TransferOwnership")
-        .withArgs(account1.address, account2.address, meTokenAddr); */
+      const meTokenAddrAfter = await meTokenRegistry.getOwnerMeToken(
+        account1.address
+      );
+      await expect(tx)
+        .to.emit(meTokenRegistry, "TransferMeTokenOwnership")
+        .withArgs(account1.address, account2.address, meTokenAddr);
     });
   });
 
@@ -147,6 +147,24 @@ describe("MeTokenRegistry.sol", () => {
       expect(await meTokenRegistry.isOwner(ethers.constants.AddressZero)).to.be
         .false;
     });
+    it("Revert if ownership is not claimed", async () => {
+      expect(await meTokenRegistry.isOwner(account2.address)).to.be.false;
+    });
+    it("Claim ownership should work", async () => {
+      const meTokenAddr = await meTokenRegistry.getOwnerMeToken(
+        account1.address
+      );
+      const tx = await meTokenRegistry
+        .connect(account2)
+        .claimMeTokenOwnership(account1.address);
+      const meTokenAddrAfter = await meTokenRegistry.getOwnerMeToken(
+        account2.address
+      );
+      expect(meTokenAddr).to.equal(meTokenAddrAfter);
+      await expect(tx)
+        .to.emit(meTokenRegistry, "ClaimMeTokenOwnership")
+        .withArgs(account1.address, account2.address, meTokenAddr);
+    });
     it("Returns true for a meToken issuer", async () => {
       expect(await meTokenRegistry.isOwner(account2.address)).to.be.true;
     });