I have tried that and it didn't work.
My VM install is from an ISO, and the windows license I have is for windows 10 not an upgrade from 7. I did the install twice. Once entering the key and once not entering the key. I've tried transferring the license using a key linked to a Microsoft account, and I have tried entering the product key. The issue seems to be that windows is looking at more than just the uuid. Both VMs I created ended up as separate items in my windows account. If you look at the screen shots of the VM and the original account, the original account shows the motherboard in the second line under the computer name, and the VM shows "Standard PC (i440FX + PIIX, 1996)".