Error while activating Data Encryption key in Dynamics 365 CRM V9.X On-premises

Got the below issue while activating the Data Encryption Key in Dynamics 365 CRM On-premises.

Unhandled Exception: System.ServiceModel.FaultException`1[[Microsoft.Xrm.Sdk.OrganizationServiceFault, Microsoft.Xrm.Sdk, Version=, Culture=neutral, PublicKeyToken=31bf3856ad364e35]]: Please select an account that is a member of the PrivUserGroup security group and try again.

I have the Admin access on the Dynamics 365 CRM application, but was not part of the PrivUserGroup.

So, in the Active Directory, added my account under PrivUserGroup and it resolved the issue.