diff --git a/framework/src/modules/chain/components/storage/entities/account.js b/framework/src/modules/chain/components/storage/entities/account.js
index b9116a8abf6..4e73cd943a6 100644
--- a/framework/src/modules/chain/components/storage/entities/account.js
+++ b/framework/src/modules/chain/components/storage/entities/account.js
@@ -37,7 +37,7 @@ const defaultCreateValues = {
 	nameExist: false,
 	multiMin: 0,
 	multiLifetime: 0,
-	asset: null,
+	asset: {},
 };
 
 const readOnlyFields = ['address'];
@@ -164,8 +164,6 @@ class ChainAccount extends AccountEntity {
 
 		accounts = accounts.map(account => {
 			const parsedAccount = _.defaults(account, defaultCreateValues);
-			parsedAccount.asset = parsedAccount.asset ? parsedAccount.asset : null;
-
 			return parsedAccount;
 		});
 
diff --git a/framework/src/modules/chain/components/storage/sql/migrations/updates/20190524120600_add_default_value_asset_mem_account.sql b/framework/src/modules/chain/components/storage/sql/migrations/updates/20190524120600_add_default_value_asset_mem_account.sql
new file mode 100644
index 00000000000..a6cec8afcea
--- /dev/null
+++ b/framework/src/modules/chain/components/storage/sql/migrations/updates/20190524120600_add_default_value_asset_mem_account.sql
@@ -0,0 +1,22 @@
+/*
+ * Copyright © 2019 Lisk Foundation
+ *
+ * See the LICENSE file at the top-level directory of this distribution
+ * for licensing information.
+ *
+ * Unless otherwise agreed in a custom licensing agreement with the Lisk Foundation,
+ * no part of this software, including this file, may be copied, modified,
+ * propagated, or distributed except according to the terms contained in the
+ * LICENSE file.
+ *
+ * Removal or modification of this copyright notice is prohibited.
+ */
+
+
+/*
+   DESCRIPTION: Alter null value to empty JSON object {} for asset field for mem_accounts column
+   PARAMETERS: None
+*/
+
+ -- Alter asset field to empty JSON
+UPDATE mem_accounts SET asset = '{}'::json WHERE asset IS NULL;
\ No newline at end of file
diff --git a/framework/src/modules/chain/logic/state_store/account_store.js b/framework/src/modules/chain/logic/state_store/account_store.js
index b7dad9d9254..cc78529f878 100644
--- a/framework/src/modules/chain/logic/state_store/account_store.js
+++ b/framework/src/modules/chain/logic/state_store/account_store.js
@@ -32,7 +32,7 @@ const defaultAccount = {
 	nameExist: false,
 	multiMin: 0,
 	multiLifetime: 0,
-	asset: null,
+	asset: {},
 };
 
 class AccountStore {
diff --git a/framework/test/mocha/fixtures/accounts.js b/framework/test/mocha/fixtures/accounts.js
index e290162214f..2a053d104ce 100644
--- a/framework/test/mocha/fixtures/accounts.js
+++ b/framework/test/mocha/fixtures/accounts.js
@@ -84,7 +84,7 @@ const Account = stampit({
 		votedDelegatesPublicKeys: null,
 		membersPublicKeys: null,
 		productivity: 0,
-		asset: null,
+		asset: {},
 	},
 	init({
 		isDelegate,
@@ -138,7 +138,7 @@ const dbAccount = stampit({
 		secondSignature: 0,
 		username: null,
 		vote: '0',
-		asset: null,
+		asset: {},
 	},
 	init({ address, balance }) {
 		this.address = address || this.address;
diff --git a/framework/test/mocha/functional/http/get/accounts/accounts.js b/framework/test/mocha/functional/http/get/accounts/accounts.js
index 0761add4510..2624717fb7f 100644
--- a/framework/test/mocha/functional/http/get/accounts/accounts.js
+++ b/framework/test/mocha/functional/http/get/accounts/accounts.js
@@ -449,6 +449,7 @@ describe('GET /accounts', () => {
 				delegate.vote,
 				constansts.supply
 			);
+
 			expect(delegate.approval).to.be.eql(calculatedApproval);
 		});
 
diff --git a/framework/test/mocha/unit/modules/chain/components/storage/entities/account.js b/framework/test/mocha/unit/modules/chain/components/storage/entities/account.js
index 69bff7af66a..b84300df3a8 100644
--- a/framework/test/mocha/unit/modules/chain/components/storage/entities/account.js
+++ b/framework/test/mocha/unit/modules/chain/components/storage/entities/account.js
@@ -160,7 +160,6 @@ describe('ChainAccount', () => {
 			await AccountEntity.create(account);
 
 			const mergedObject = Object.assign({}, defaultCreateValues, account);
-			mergedObject.asset = mergedObject.asset ? mergedObject.asset : null;
 
 			expect(AccountEntity.getValuesSet.firstCall.args[0]).to.be.eql([
 				mergedObject,
@@ -281,7 +280,7 @@ describe('ChainAccount', () => {
 				productivity: 0,
 				votedDelegatesPublicKeys: null,
 				membersPublicKeys: null,
-				asset: null,
+				asset: {},
 			};
 			expect(accountFromDB).to.be.eql(expectedObject);
 		});
diff --git a/framework/test/mocha/unit/modules/chain/logic/account.js b/framework/test/mocha/unit/modules/chain/logic/account.js
index bfa866c2e21..68cfdcbbafa 100644
--- a/framework/test/mocha/unit/modules/chain/logic/account.js
+++ b/framework/test/mocha/unit/modules/chain/logic/account.js
@@ -45,7 +45,7 @@ const validAccount = {
 	productivity: 0,
 	membersPublicKeys: null,
 	votedDelegatesPublicKeys: null,
-	asset: null,
+	asset: {},
 };
 
 describe('account', () => {