The recent emergence and prevalence of virtual assets based on blockchain technology is demanding major changes in existing laws and legal systems. These days, virtual assets are often found as a kind of 'commodity' that functions as a target of transaction and means of repayment and collateral, and the problem of explaining these legal relationships in accordance with the existing legal system has become an urgent and realistic issue. Recently, FSC(Financial Services Commission) announced a plan to overhaul the regulatory system for issuance and distribution of token securities, implying that so-called security tokens will be included within the scope of securities and dealt with within the framework of existing securities regulations. In addition, the National Assembly has prepared the first stage of legislation for virtual assets in general through the ‘Act on the Protection of Users of Virtual Assets’. In line with the legislation of virtual assets and token securities, this article reviewed the legal relationship of virtual assets trading from the perspective of trust law. In detail, Topics such as whether virtual assets fall under 'property (right)' under the civil law, whether they can be trust property, whether a fiduciary approach can be sought for the legal status of virtual asset holders, and what accreditation requirements for implied express trust of virtual assets are, were covered in this article.