The V-Ray licensing system is not an automated setup.
There are some steps required to obtain your license, before V-Ray can render out those beautiful images.
You should have already received your Chaos Group account login information and hardware lock (Dongle) from your Motion Media account representative.
Download your V-Ray version for either 3ds Max, or Maya.
Install the software and also the WibuKey drivers.
Right then lets head over to the V-Ray licensing video for the complete steps.
Once complete you will receive a file with the extension *.RTU within 24 hours.
Unzip the *.RTU file to your desktop.
Close the V-Ray licensing service, if it is running. You can do this either by right-clicking
the V-Ray license service icon in the Task Bar and selecting Exit, or if it is running as a
service - from the Control panel > Administrative tools > Services applet.
Double click the *.RTU file to reprogram the V-Ray dongle, and restart the V-Ray service.
Ready set Render!