Windows Server Licensing with NAS VMs

Hi all,

Ok, I get that with Server 2016 Standard you can install it as essentially the hyper visor and then run two VMs of it on Hyper-V.
What if you run it on a QNap NAS?
Can I run two VMs of the server if the hypervisor isn’t Hyper-V?

MS Licensing makes my head hurt.
-John