> Running in a VM requires an additional Windows license. I'm not even sure if you're allowed to use an OEM license for a VM, or if you need proper retail or even one of those "VDA licenses".

Of I understand correctly, and I might not, you either need an Enterprise license or a VDA subscription and you need the user PC that will access the VM to also have its own desktop (pro or enterprise) license if you aren't using a VDA subscription x (that it, it is a license precondition for the VM license that the PC has its own license in addition to any licenses for VMs.) Windows desktop VM licensing seems to be oriented around corporate VDI setups, not desktop-on-desktop local VM use.

I think you are most definitely correct when you are running Windows on a remote VM, like on an ESX. But I always thought that things would be more lenient when you're running it locally, but I might be mistaken. I'm pretty sure though that an OEM will definitely not be OK.

If you're running it in a VM locally on a desktop, my understanding is that you're fine with a normal every-day OS license because the machine itself is what the license applies to. However, MS licensing is needlessly obtuse and, in my experience, nothing short of consulting with about a dozen different "specialists" will even approximate a correct answer, if one even exists.