The ruling Democratic Party(DP) has called for stringent government measures to regulate the overheating cryptocurrency market.

DP spokesperson Choi In-ho said that during a Wednesday meeting, the party leadership shared the concern that fraud and illegal cryptocurrency transactions were on the rise. 

Choi said that government and ruling party consultations must swiftly take place as part of all-out efforts to prevent losses linked to the virtual coin market. He said the DP will also thoroughly inspect public opinions on this matter.

On Monday, the government launched a special crackdown that will continue through June amid growing fears of money laundering, scams and other unlawful acts connected to the virtual assets. 

Bitcoin topped 80 million won per unit in South Korea for the first time in mid-April. Frenzied buying has raised concerns about speculative investments and potential illegalities.