How to enable NTFS Long Paths in Windows 10

In Windows 10 Anniversary Update, Microsoft finally addressed a long-standing issue that developers faced while doing development - the 260 character limitation for path length. This path length limitation was present in Windows for almost an eternity. In case you don't know, in all currently released Windows versions, the maximal length of the file path is 260 chars. Starting with build 14352 of Windows 10, which is part of the Anniversary Update (version 1607), this limitation can be bypassed.