PTW32 has been tested and works with Apple hardware (M1 processor) running inside Parallels emulator software.
Parallels allows the user to run an emulated Windows operating system on Apple hardware. Once Parallels is installed, install PTW32 inside Windows.
Refer to other guides on setting up the licensing key depending on key type.
Remember to configure/assign a standalone USB license key to the Windows OS and not to the Apple machine.