Speakerphone VST only works on first launch

Description:

The Speakerphone VST is not functioning properly in Renoise 3.4.2. It shows an error window saying “Missing registry key”.
However, it works fine on the first launch after installing Renoise.

Steps to reproduce:

  1. Create a new song.
  2. Add an instance of the Speakerphone VST to a track.

Expected result:

A working instance of the plugin.

Actual results:

An error modal saying “Missing registry key”.

Strange workaround:

  1. Launch the Renoise installer.
  2. At the end of the installation process, tick the “launch Renoise” checkbox.
  3. The plugin is working fine.
  4. Exiting and relaunching Renoise brings the problem back.

Try to disable sandboxing in the Renoise settings. Then restart Renoise.

Thanks for your answer, but disabling sandboxing does not fix the problem.