CodeMeter can't mount physical dongles on a Hyper-V virtual machine.
Plug the CodeMeter dongle into the physical host.
On the physical host, open "Disk Management".
Locate the CodeMeter dongle, right-click the “Disk”, and click the “Offline” option.
Open Hyper-V manager on the physical host, right-click the VM you want to mount the CodeMeter dongle on, and click “Settings”.
Select the SCSI controller and add a new Hard Drive.
Select the “Physical hard disk” option”. If you successfully set the dongle to offline in Disk Management there should be a disk available in the drop down. Select it and click OK.
At this point, the CodeMeter dongle should be visible on the VM.
On the VM, open the Registry Editor, navigate to HKEY_LOCAL_MACHINE\SOFTWARE\WIBU-SYSTEMS\CodeMeter\Server\CurrentVersion, and set UseUmsDA to 0.
Restart the CodeMeter service and the dongle should now be visible to both CodeMeter and License Manager.
Hyper-V hates CodeMeter?