Hi,
No there would not be any changes in licensing if convert to virtual environment. The license will remain the same as currently in physical server. Here is the support communities link for technical requirement; https://communities.bentley.com/products/licensing/w/licensing__wiki/3099/deployed-selectserver-technical-requirements-tn
I would like to highly recommend you migrate it to hosted (online) select server, as this is simple and free online licensing on cloud. See the below links for information on hosted select server.
1. https://communities.bentley.com/products/licensing/w/licensing__wiki/22197/how-does-bentley-connect-selectservices-differ-from-a-deployed-selectserver
2. https://communities.bentley.com/products/licensing/w/licensing__wiki/6793/selectserver-online-technical-requirements-faq
Regards,Abhishek
Answer Verified By: FASTWIN Information