The government has recently been struggling to tackle the overheating in the cryptocurrency market, as many investors have suffered heavy losses due to price fluctuations and various crimes, including marketing fraud.

"As Cheong Wa Dae and the Justice Ministry have been poking around it, the cryptocurrency market that has been operating normally has turned into a rollercoaster," Kim Sung-tae, the floor leader of the main opposition party, said during a party meeting.

"Whatever (the government) touches, it triggers strong pushback," he added.

The ruling Democratic Party and government plan to hold a policy coordination meeting soon to discuss how to stabilize the cryptocurrency market.

"There has not been any decision yet on the policy (to deal with the cybermoney issue)," Hong Ihk-pyo, the vice policy chief of the ruling party, told reporters. (Yonhap)