Access to the path "/etc/mono/registry" is denied.

When I run my ASP.NET MVC 4 website on my ubuntu 14.04 LTS with xsp4 (from MonoDevelop or directly) I'm getting the following exception:

Access to the path "/etc/mono/registry" is denied.

Turns out simply creating the folder using mkdir

sudo mkdir /etc/mono/registry

and setting the right permissions using chmod

sudo chmod uog+rw /etc/mono/registry

does the trick.