Either the Crystal Reports registry key permissions are insufficient or the Crystal Reports runtime is not installed correctly.

I guess it's because of system bit configuration. Looks like, Crystal Reports does not initialize with x64 configuration. Have a look at this thread:
An error has occurred while attempting to load the Crystal Reports runtime[^]

This might mean that you need to have correct Crystal runtime. X64 for 64 bit machine and X86 for 32 bit machine.
Here is a list of all Crystal runtimes: Crystal Reports Runtime Distribution & Supported Operating Systems[^]

If that does not help then have a look at these thread discussion:
Either the Crystal Reports registry key permissions are insufficient or the Crystal Reports runtime is not installed correctly[^]
An error has occurred while attempting to load the Crystal Reports runtime[^]
Crystal Reports Runtime for VS on Windows 7 Throws an Error[^]
Crystal Reports 2008 runtime error while running on Windows Server X64[^]