Madrid, June 19 (RHC)-- Felipe VI has become the new king of Spain after his father, King Juan Carlos, abdicated to pave the way for his son to take over as his successor. The 46-year-old Felipe took the Spanish crown early Thursday as an act of parliament signed by his father came into force.

Carlos, who is 76, signed his abdication on Wednesday in a short ceremony in favor of his son. Carlos reigned as Spain's king after 39 years. His abdication comes as his family has been hit with a series of corruption scandals.

Also Juan Carlos' daughter, Princess Cristina, and her husband, Inaki Urdangarin, are under investigation in a fraud case for the embezzlement of public funds. The scandals have angered Spaniards as they are grappling with their worst economic crisis since the World War II.

A 25-percent unemployment rate and the independence seeking of the country's Catalonia region are the main challenges for the new king.

This also comes at a time when Spain has been the scene of anti-monarchy protests. Thousands of protesters gathered in the streets of the capital Madrid earlier this month and urged the abolition of monarchy.