Tablespace creation failed with master key not yet set

master key not yet set Error while creating tablespace on On prem database,

SQL> create bigfile tablespace USER_DATA01 datafile '+PRD_DATA' size 5G autoextend on next 1g maxsize unlimited
*
ERROR at line 1:
ORA-28361: master key not yet set

Check db parameters:
SQL> show parameter tablespace

NAME                                 TYPE        VALUE
------------------------------------ ----------- ------------------------------
encrypt_new_tablespaces              string      ALWAYS
undo_tablespace                      string      UNDOTBS1

SQL> alter system set encrypt_new_tablespaces='' scope=both sid='*';
alter system set encrypt_new_tablespaces='' scope=both sid='*'
*
ERROR at line 1:
ORA-00096: invalid value  for parameter encrypt_new_tablespaces, must be from
among DDL, ALWAYS, CLOUD_ONLY

Change encrypt_new_tablespaces parameter to cloud_only:
SQL> alter system set encrypt_new_tablespaces='CLOUD_ONLY' scope=both sid='*';
System altered.

Able to create tablespace without any issues
SQL> create bigfile tablespace USER_DATA01 datafile '+PRD_DATA' size 5G autoextend on next 1g maxsize unlimited;

Tablespace created.