Wrong high membership activation shortcode

Hello: Thank you for your response, but it does not solve my problem. I put everything that the documentation details into practice when I configure the email confirmation option and it works, the problem is that the confirmation URL in the body of the email literally says {activation_link}, not the URL that must be clicked to activate the subscription. I just need you to tell me which is the correct label to receive the activation link. I leave you a copy of the email as it arrives to me:

Dear Pololo

Thank you for registering. To activate your account, click the following link (this will confirm your email address):

{activation_link}

Thank you
As you can see, {activation_link} appears instead of the Link itself, so obviously, it is of no use.

I am waiting for your response, sincerely:

Pau Company

Dear friend: I have followed step by step all the instructions you have told me:

Deactivate all plugins: Result:
Dear Pololo

Thank you for registering. To activate your account, click the following link (this will confirm your email address):

{activation_link}

Thank you

Disabled Theme generatepres and activated theme Twenty Seventeen. Result:

Dear Pololo

Thank you for registering. To activate your account, click the following link (this will confirm your email address):

{activation_link}

Thank you
Deputation registration activated with all plugins deactivated and the Twenty Seventeen theme activated

Thank you for registering. To activate your account, click the following link (this will confirm your email address):

{activation_link}

Thank you

As you can see it doesn't work in any of the suggested ways. Also note that curiously, all tags work perfectly ({first_name} {last_name}, etc) except {activation_link}. It's the only one that doesn't work. I think it is more than evident that it is not a problem of lack of compatibility of the plugins or the theme that I am using on my site, but rather that your plugin, exactly in those lines of code that execute {activation_link}, does not work well . I hope you take into account this research work carried out by me and solve the problem in the next update of your plugin. I am waiting for your response, sincerely:

Pau Company