AppOnChip protected application works only with HL Driverless Keys.
Please confirm if the connected key is Driverless configuration.
This can be checked in Admin Control Center (http://localhost:1947/_int_/devices.html) under "Configuration" column. Driverless keys will show "Driverless" in this column while others will show "HASP".
HASP configuration keys (with firmware 4.xx) can be converted to Driverless in EMS-
Enable the checkbox "Upgrade to driverless" while creating the product.
Share the screenshot of "http://localhost:1947/_int_/devices.html" if you still face any issue.