CryptAcquireContext returns 0x80090016 (NTE_BAD_KEYSET) on Windows Server 2022

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Have an older in-house software that's been working fine for years on Server 2012, 2016, 2019. Recently, upgraded servers to 2022 and now following function is failing

CryptAcquireContext(&hCryptProvider, NULL, MS_STRONG_PROV, PROV_RSA_FULL, CRYPT_SILENT)

GetLastError() returns 0x80090016 (NTE_BAD_KEYSET)

The app is being run from an administrator account, even tried with administrator priviledges

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