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alpap, терминатор обязателен — Registry Value Types - Win32 apps | Microsoft Docs:

… The following registry value types are defined in Winnt.h … … REG_EXPAND_SZ A null-terminated string that contains unexpanded references to environment variables (for example, "%PATH%"). It will be a Unicode or ANSI string depending on whether you use the Unicode or ANSI functions. To expand the environment variable references, use the ExpandEnvironmentStrings function. …