diff --git a/Cargo.toml b/Cargo.toml
index 8e42746..9b67e8d 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -9,7 +9,7 @@ categories = ["cryptography::cryptocurrencies"]
 keywords = [ "psbt", "bip-174", "bip174", "bip-370", "bip370"]
 readme = "README.md"
 edition = "2021"
-rust-version = "1.56.1"
+rust-version = "1.63.0"
 exclude = ["tests", "contrib"]
 
 [package.metadata.docs.rs]
diff --git a/README.md b/README.md
index 9f3d023..f08e144 100644
--- a/README.md
+++ b/README.md
@@ -10,7 +10,7 @@ For now we more or less just follow the contribution guidelines of
 
 ### Minimum Supported Rust Version (MSRV)
 
-This library should always compile with any combination of features on **Rust 1.56.1**.
+This library should always compile with any combination of features on **Rust 1.63.0**.
 
 To build with the MSRV you will likely need to pin a bunch of dependencies, see `./contrib/test.sh`
 for the current list.
diff --git a/clippy.toml b/clippy.toml
index 56ce04e..b3c3a24 100644
--- a/clippy.toml
+++ b/clippy.toml
@@ -1 +1 @@
-msrv = "1.56.1"
+msrv = "1.63.0"