King Felipe VI of Spain and Queen Letizia of Spain pose with daughters Princess Leonor, Princess of Asturias and Princess Sofia infront of the Lions Gate at the Congress of Deputies during the King's official coronation ceremony on June 19, 2014 in Madrid, Spain. Credit: Andreas Rentz/Getty Images

New regal obsession! King Felipe VI was proclaimed the new King of Spain on Thursday, June 19, celebrating his coronation before Parliament in Madrid, with wife Queen Letizia, and royal couple's two young daughters, Leonor and Sofia.

King Felipe, 46, looked handsome in a navy military uniform for the formal swearing-in ceremony. Addressing parliament, Felipe VI spoke of heading a monarchy "for new times," CNN reported. "We have a great country, we are a great nation," he said. "Let us believe and trust in ourselves."

The new King then swore an oath promising to uphold the constitution in the chambers, where the 17th Century royal scepter and 18th Century Spanish crown were showcased.

During his first parliamentary address as King, Felipe also paid tribute to his parents—lauding the accomplishments of King Juan Carlos. Felipe's father, 76, ruled Spain for 39 years and is credited with restoring Spain to democracy after the death of dictator Francisco Franco in 1975.

In one emotional moment earlier that morning, King Juan Carlos handed over his red military chief sash to his son at the Zarzuela Palace in Madrid. Felipe, the middle of three kids, also praised his mother Queen Sofia for her devotion to Spain.

Following his speech, King Felipe and Queen Letizia, a former journalist, rode in a parade through the packed streets of Madrid headed to the Royal Palace. The royal family, including 8-year-old Princess Leonor and 7-year-old Sofia appeared on the balcony of the residences, waving to the masses below. The royal couple's daughters looked adorable in matching pale peach and mint green frocks.

Letizia, 41, looked beautiful in a marshmallow white sheath dress and matching coat with an embellished neckline, which she accessorized with nude pumps and a tiny braid at the crown of her head.

The new Queen of Spain was not bashful to show her husband affection throughout the day, holding his hand before he addressed Parliament and giving him a kiss moments after he was proclaimed King.