Computer Configuration > Administrative Templates > Microsoft Office 2016 (Machine) > Licensing Settings
Machine
HKLM\software\policies\microsoft\office\16.0\common\licensing
This policy setting controls whether shared computer activation is used to activate the version of Office installed on the computer. By default, shared computer activation isn’t used for activation. Shared computer activation is used only for situations where multiple users share the same computer. For example, when using Remote Desktop Services (RDS). If you enable this policy setting, shared computer activation will be used to activate the version of Office installed on the computer. If you do not configure this policy setting, shared computer activation will not be used to activate the version of Office installed on the computer unless you have enabled shared computer activation by using the Office Deployment Tool. If you disable this policy setting, shared computer activation will not be used even if set using the Office Deployment Tool. Note: This policy setting only applies to subscription plans that include Microsoft 365 Apps for enterprise, and to subscription versions of Project and Visio.