diff --git a/pype/settings/entities/dict_mutable_keys_entity.py b/pype/settings/entities/dict_mutable_keys_entity.py
index 12a18ad612..b465171734 100644
--- a/pype/settings/entities/dict_mutable_keys_entity.py
+++ b/pype/settings/entities/dict_mutable_keys_entity.py
@@ -202,7 +202,7 @@ class DictMutableKeysEntity(EndpointEntity):
             self.schema_data.get("highlight_content") or False
         )
 
-        object_type = self.schema_data["object_type"]
+        object_type = self.schema_data.get("object_type") or {}
         if not isinstance(object_type, dict):
             # Backwards compatibility
             object_type = {
@@ -226,6 +226,12 @@ class DictMutableKeysEntity(EndpointEntity):
     def schema_validations(self):
         super(DictMutableKeysEntity, self).schema_validations()
 
+        if not self.schema_data.get("object_type"):
+            reason = (
+                "Modifiable dictionary must have specified `object_type`."
+            )
+            raise EntitySchemaError(self, reason)
+
         # TODO Ability to store labels should be defined with different key
         if self.collapsible_key and not self.file_item:
             reason = (