According to page 11 of the following document:
http://go.sap.com/documents/2015/11/9c014daf-4d7c-0010-82c7-eda71af511fa.html
Support for the FIPS 140 cryptography standard started in CR 2011, so it is supported. Now the question is What is your application and how are you using CR 2016 in your application?
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