Good news, you do not need a license key to use visual composer. You may purchase your own site copy to receive automatic updates.
We have what is called an in-stock license. This allows us as developers to include the Visual Composer plugin as an addon. The downside is that you need to wait for us to update the plugin in order for you to manually download and update the plugin. A minor inconvenience for an impressive plugin that revolutionizes the WordPress page building process.
Please give us time to update the Visual Composer plugin. We get emails from Visual Composer directly when the new plugin is released and it can take a few days to get it updated in our system. Thank you for your patience and understanding.