You want to self-host and pay nothing
Keygen CE is free to run on your own hardware, commercial use included. Licentry runs your account on a dedicated server on request, but that sits on the Studio plan and is not free. If owning the whole stack at zero licence cost is the requirement, Keygen wins outright and we would rather you knew that now.
Shipping and updating builds is the actual problem
Keygen has a distribution API with engines for npm, PyPI, RubyGems, Docker and Tauri, plus a CLI for signing and publishing releases. Licentry hosts your builds and watermarks each Windows download per buyer, but it is not a package registry and does not pretend to be one.
You want an official SDK
Keygen publishes SDKs for Go, Python, Node, Ruby and PHP. Licentry deliberately has none. Integration is five HTTPS calls in whatever language you already use, which is better if your language was never going to get an SDK and worse if you wanted one handed to you.