Acronis Backup 12.5: acronis_license_server.exe is unable to start because it cannot access keys under HKLM\Software\Acronis

Symptoms

When logging in the Backup Console after installation you see the following error:

Internal Server Error | Error code 100011 

The following error can be found in the Event log or in C:\ProgramData\Acronis\LicenseServer\bootstrap.log: