The EULA is very clear - read section 4. It say windows 10 may be transferred if standalone (retail), or if you upgraded from a retail licence.

Until very recently, we had no way of transferring a digital licence (upgrade from 7/8 mostly) to a new device, without basically creating a new digital licence.

However MS have a new tool in latest Insider versions (will be in Aug 2nd redstone upgrade) called the activation troubleshooter.

This new tool allows digital licences to be transferred. See :-

How to re-activate Windows 10 after a hardware change | Windows Central

I have tested moving digital licences in VMs and it works fine.

I am pretty certain if I installed a VM on another pc, I could transfer digital licence there. Of course, actually moving the VM to another pc is perfectly acceptable as well. The licence resides inside the VM and is not related to OS etc. of host pc.