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stop586318dyou can use vms without keys and throw them away after testing.
sbiewald354318dWindows licencing is difficult. AFAIK you have to licence the whole hypervisor (unless you host in Azure, GCloud, AWS with licences provided by your hoster).
Even if you don't run windows and hyper-v you can/must buy licences for the hypervisor. Windows Server Standard allows 2 VMs, Datacenter an unlimited amount.
Keep in mind activation != correctly licensed.
If you just do some tests on your local machine, I wouldn't care too much then. But if you go productive / do it a long time, keep in mind Microsoft may do unannounced audits.
There's a good chance the VM is using pool licences.
I think that's how it worked, even for virtual machines, at a friends workplace.
Edit: personally I don't think it's a big deal, if the VM only lives for testing purposes and then gets deleted later. If it's something more persistent, maybe ask your supervisor.