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Unless they made a mistake with their product security, you can’t just emulate it, the key has an internal clock and keys that are called to verify the software validity every 30 min (default).

While you can see the verification you can’t get the key out, not even the vendor (thales) can – it’s in the chip and is inaccessible (unless someone found a hack to do it)

It’s also unique per physical key, each physical key has its own key, which is activated when the key license is installed.