Microsoft Dynamics CRM 2016 requires a 25-character product key for installation. If you are using a Volume License
Overview
Commercial license keys are available for customers on the Product and Service Summary page, which customers can navigate to on the user account menu in the upper right. Microsoft Learn Install CRM 2016 locally without product key 08-Jan-2016 — dynamics crm 2016 product key
SetupServer.exe.Without CALs, you are non-compliant even if you have a valid server key. Microsoft Dynamics CRM 2016 requires a 25-character product