What hypervisor are you using?
Windows can tell if the hypervisor back-end changes, for a subordinate guest VM. And it'll prompt you to re-activate, just as if you cloned a hard drive or replaced a motherboard. Microsoft VirtualPC and HyperV and VMWare's software both allow/encourage this behavior. VirtualBox used to be a bit more flexible in this regard, but Oracle has taken over development of that tool and I think they also have been enabling the license police.
I'm of the opinion that if I bought a license and choose to apply it to a VM, I should have 100% portability of that installation to any hardware I want, though licensing of the physical hardware OS is a responsibility independent of the guest VM's license.