//cert is an EF Entity and 
//    cert.CertificatePKCS12 is a byte[] with the certificate.

var certificate = new X509Certificate(cert.CertificatePKCS12, "SomePassword");

Al cargar un certificado de nuestra base de datos, en nuestro servidor provisional (Windows 2008 R2 / IIS7.5) obtenemos esta excepción:

System.Security.Cryptography.CryptographicException: An internal error occurred.

   at System.Security.Cryptography.CryptographicException.ThrowCryptographicException(Int32 hr)
   at System.Security.Cryptography.X509Certificates.X509Utils._LoadCertFromBlob(Byte[] rawData, IntPtr password, UInt32 dwFlags, Boolean persistKeySet, SafeCertContextHandle& pCertCtx)
   at System.Security.Cryptography.X509Certificates.X509Certificate.LoadCertificateFromBlob(Byte[] rawData, Object password, X509KeyStorageFlags keyStorageFlags)

NOTA Este problema no ocurre localmente (Windows 7 / Casini).

Cualquier idea es muy apreciada.