diff --git a/asset-registry/src/mock/para.rs b/asset-registry/src/mock/para.rs
index 9a41b838d..c7074fd5a 100644
--- a/asset-registry/src/mock/para.rs
+++ b/asset-registry/src/mock/para.rs
@@ -96,6 +96,8 @@ impl orml_tokens::Config for Runtime {
 	type MaxReserves = ();
 	type MaxLocks = ConstU32<50>;
 	type DustRemovalWhitelist = Nothing;
+	type OnNewTokenAccount = ();
+	type OnKilledTokenAccount = ();
 }
 
 #[derive(scale_info::TypeInfo, Encode, Decode, Clone, Eq, PartialEq, Debug)]
diff --git a/currencies/src/mock.rs b/currencies/src/mock.rs
index 1980b388e..1ef3cf06f 100644
--- a/currencies/src/mock.rs
+++ b/currencies/src/mock.rs
@@ -85,6 +85,8 @@ impl orml_tokens::Config for Runtime {
 	type MaxReserves = ConstU32<100_000>;
 	type ReserveIdentifier = ReserveIdentifier;
 	type DustRemovalWhitelist = Nothing;
+	type OnNewTokenAccount = ();
+	type OnKilledTokenAccount = ();
 }
 
 pub const NATIVE_CURRENCY_ID: CurrencyId = 1;
diff --git a/payments/src/mock.rs b/payments/src/mock.rs
index e26626e89..b31c9283e 100644
--- a/payments/src/mock.rs
+++ b/payments/src/mock.rs
@@ -104,6 +104,8 @@ impl orml_tokens::Config for Test {
 	type DustRemovalWhitelist = MockDustRemovalWhitelist;
 	type MaxReserves = ConstU32<2>;
 	type ReserveIdentifier = ReserveIdentifier;
+	type OnNewTokenAccount = ();
+	type OnKilledTokenAccount = ();
 }
 
 pub struct MockDisputeResolver;
diff --git a/tokens/src/lib.rs b/tokens/src/lib.rs
index c7d73d7dc..06fefa10c 100644
--- a/tokens/src/lib.rs
+++ b/tokens/src/lib.rs
@@ -67,7 +67,7 @@ use sp_std::{cmp, convert::Infallible, marker, prelude::*, vec::Vec};
 use orml_traits::{
 	arithmetic::{self, Signed},
 	currency::TransferAll,
-	BalanceStatus, GetByKey, LockIdentifier, MultiCurrency, MultiCurrencyExtended, MultiLockableCurrency,
+	BalanceStatus, GetByKey, Happened, LockIdentifier, MultiCurrency, MultiCurrencyExtended, MultiLockableCurrency,
 	MultiReservableCurrency, NamedMultiReservableCurrency, OnDust,
 };
 
@@ -216,6 +216,12 @@ pub mod module {
 		/// Handler to burn or transfer account's dust
 		type OnDust: OnDust<Self::AccountId, Self::CurrencyId, Self::Balance>;
 
+		/// Handler for when an account was created
+		type OnNewTokenAccount: Happened<(Self::AccountId, Self::CurrencyId)>;
+
+		/// Handler for when an account was created
+		type OnKilledTokenAccount: Happened<(Self::AccountId, Self::CurrencyId)>;
+
 		#[pallet::constant]
 		type MaxLocks: Get<u32>;
 
@@ -747,9 +753,11 @@ impl<T: Config> Pallet<T> {
 				// Ignore the result, because if it failed then there are remaining consumers,
 				// and the account storage in frame_system shouldn't be reaped.
 				let _ = frame_system::Pallet::<T>::dec_providers(who);
+				T::OnKilledTokenAccount::happened(&(who.clone(), currency_id));
 			} else if !existed && exists {
 				// if new, increase account provider
 				frame_system::Pallet::<T>::inc_providers(who);
+				T::OnNewTokenAccount::happened(&(who.clone(), currency_id));
 			}
 
 			if let Some(endowed) = maybe_endowed {
diff --git a/tokens/src/mock.rs b/tokens/src/mock.rs
index 7be814521..2deeaa52a 100644
--- a/tokens/src/mock.rs
+++ b/tokens/src/mock.rs
@@ -220,6 +220,51 @@ parameter_type_with_key! {
 	};
 }
 
+thread_local! {
+	pub static CREATED: RefCell<Vec<(AccountId, CurrencyId)>> = RefCell::new(vec![]);
+	pub static KILLED: RefCell<Vec<(AccountId, CurrencyId)>> = RefCell::new(vec![]);
+}
+
+pub struct TrackCreatedAccounts;
+impl TrackCreatedAccounts {
+	pub fn accounts() -> Vec<(AccountId, CurrencyId)> {
+		CREATED.with(|accounts| accounts.borrow().clone())
+	}
+
+	pub fn reset() {
+		CREATED.with(|accounts| {
+			accounts.replace(vec![]);
+		});
+	}
+}
+impl Happened<(AccountId, CurrencyId)> for TrackCreatedAccounts {
+	fn happened((who, currency): &(AccountId, CurrencyId)) {
+		CREATED.with(|accounts| {
+			accounts.borrow_mut().push((who.clone(), *currency));
+		});
+	}
+}
+
+pub struct TrackKilledAccounts;
+impl TrackKilledAccounts {
+	pub fn accounts() -> Vec<(AccountId, CurrencyId)> {
+		KILLED.with(|accounts| accounts.borrow().clone())
+	}
+
+	pub fn reset() {
+		KILLED.with(|accounts| {
+			accounts.replace(vec![]);
+		});
+	}
+}
+impl Happened<(AccountId, CurrencyId)> for TrackKilledAccounts {
+	fn happened((who, currency): &(AccountId, CurrencyId)) {
+		KILLED.with(|accounts| {
+			accounts.borrow_mut().push((who.clone(), *currency));
+		});
+	}
+}
+
 parameter_types! {
 	pub DustReceiver: AccountId = PalletId(*b"orml/dst").into_account();
 }
@@ -232,6 +277,8 @@ impl Config for Runtime {
 	type WeightInfo = ();
 	type ExistentialDeposits = ExistentialDeposits;
 	type OnDust = TransferDust<Runtime, DustReceiver>;
+	type OnNewTokenAccount = TrackCreatedAccounts;
+	type OnKilledTokenAccount = TrackKilledAccounts;
 	type MaxLocks = ConstU32<2>;
 	type MaxReserves = ConstU32<2>;
 	type ReserveIdentifier = ReserveIdentifier;
@@ -296,6 +343,9 @@ impl ExtBuilder {
 			.unwrap();
 		}
 
+		TrackCreatedAccounts::reset();
+		TrackKilledAccounts::reset();
+
 		let mut ext = sp_io::TestExternalities::new(t);
 		ext.execute_with(|| System::set_block_number(1));
 		ext
diff --git a/tokens/src/tests.rs b/tokens/src/tests.rs
index 0cbf6ffd3..02b923293 100644
--- a/tokens/src/tests.rs
+++ b/tokens/src/tests.rs
@@ -55,6 +55,7 @@ fn transfer_should_work() {
 				Error::<Runtime>::ExistentialDeposit,
 			);
 			assert_ok!(Tokens::transfer(Some(ALICE).into(), CHARLIE, DOT, 2));
+			assert_eq!(TrackCreatedAccounts::accounts(), vec![(CHARLIE, DOT)]);
 
 			// imply AllowDeath
 			assert!(Accounts::<Runtime>::contains_key(ALICE, DOT));
@@ -131,6 +132,7 @@ fn transfer_all_allow_death_should_work() {
 			assert!(Accounts::<Runtime>::contains_key(ALICE, DOT));
 			assert_eq!(Tokens::free_balance(DOT, &ALICE), 100);
 			assert_ok!(Tokens::transfer_all(Some(ALICE).into(), CHARLIE, DOT, false));
+			assert_eq!(TrackCreatedAccounts::accounts(), vec![(CHARLIE, DOT)]);
 			System::assert_last_event(Event::Tokens(crate::Event::Transfer {
 				currency_id: DOT,
 				from: ALICE,
@@ -139,6 +141,7 @@ fn transfer_all_allow_death_should_work() {
 			}));
 			assert!(!Accounts::<Runtime>::contains_key(ALICE, DOT));
 			assert_eq!(Tokens::free_balance(DOT, &ALICE), 0);
+			assert_eq!(TrackKilledAccounts::accounts(), vec![(ALICE, DOT)]);
 
 			assert_ok!(Tokens::set_lock(ID_1, DOT, &BOB, 50));
 			assert_eq!(Tokens::accounts(&BOB, DOT).frozen, 50);
@@ -176,6 +179,7 @@ fn force_transfer_should_work() {
 				amount: 100,
 			}));
 			assert!(!Accounts::<Runtime>::contains_key(ALICE, DOT));
+			assert_eq!(TrackKilledAccounts::accounts(), vec![(ALICE, DOT)]);
 			assert_eq!(Tokens::free_balance(DOT, &ALICE), 0);
 			assert_eq!(Tokens::free_balance(DOT, &BOB), 200);
 		});
@@ -1145,3 +1149,21 @@ fn exceeding_max_reserves_should_fail() {
 			);
 		});
 }
+
+#[test]
+fn lifecycle_callbacks_are_activated() {
+	ExtBuilder::default().build().execute_with(|| {
+		assert_ok!(Tokens::set_balance(RawOrigin::Root.into(), ALICE, DOT, 200, 0));
+		assert_eq!(TrackCreatedAccounts::accounts(), vec![(ALICE, DOT)]);
+
+		assert_ok!(Tokens::set_balance(RawOrigin::Root.into(), ALICE, BTC, 200, 0));
+		assert_eq!(TrackCreatedAccounts::accounts(), vec![(ALICE, DOT), (ALICE, BTC)]);
+
+		assert_ok!(Tokens::transfer_all(Some(ALICE).into(), CHARLIE, BTC, false));
+		assert_eq!(
+			TrackCreatedAccounts::accounts(),
+			vec![(ALICE, DOT), (ALICE, BTC), (CHARLIE, BTC)]
+		);
+		assert_eq!(TrackKilledAccounts::accounts(), vec![(ALICE, BTC)]);
+	})
+}
diff --git a/xtokens/src/mock/para.rs b/xtokens/src/mock/para.rs
index b30ccb891..2dde03460 100644
--- a/xtokens/src/mock/para.rs
+++ b/xtokens/src/mock/para.rs
@@ -87,6 +87,8 @@ impl orml_tokens::Config for Runtime {
 	type MaxReserves = ConstU32<50>;
 	type ReserveIdentifier = [u8; 8];
 	type DustRemovalWhitelist = Everything;
+	type OnNewTokenAccount = ();
+	type OnKilledTokenAccount = ();
 }
 
 parameter_types! {
diff --git a/xtokens/src/mock/para_relative_view.rs b/xtokens/src/mock/para_relative_view.rs
index ed4abd521..f6786d09f 100644
--- a/xtokens/src/mock/para_relative_view.rs
+++ b/xtokens/src/mock/para_relative_view.rs
@@ -90,6 +90,8 @@ impl orml_tokens::Config for Runtime {
 	type MaxReserves = ConstU32<50>;
 	type ReserveIdentifier = [u8; 8];
 	type DustRemovalWhitelist = Everything;
+	type OnNewTokenAccount = ();
+	type OnKilledTokenAccount = ();
 }
 
 parameter_types! {