SAP Hybris license policy has changed significantly since version 5.4, I'm putting together a blog post that summarizes my learning around this topic,
At a high level, some of the major changes are as follows.

1. License available from the downloaded version of Hybris Commerce suite from is valid for 30 days and requires a complete system re-initialization every 30 days.
2. There is an option to extend the license up to 90 Days by generating a temporary license key.
./ -temp CPS_SQL

3. Permanent license files with extended expiry dates can be generated by making use of your customers SAP Market Place access.

Account Registration

You can register for an account from here, click on the "Register" link from the header menu.
you need the customer or installation number to Register an account.
Once registered your account will be activated within 24 hours.
You will then have to work with the customer Admin for account to provide necessary account previlages to generate license.

License Key Generation

Click on Request a Key
Select "Request Key from installation"

The Steps to request a license key is documented here

Important Facts

1. Although you are expected to enter a hardware key to generate the license, the SAP Hybris license is not
tied to a specific hardware, you have to enter Y4989890650 as the hardware key always.

2. License can be generated multiple times and for multiple systems, you are asked to pick a 3 digit code to identify an environment
E.g. while generating the license you may add PRD as System ID for Production and DEV as system ID for Development System.

3. License generated for Production can be used in any environment, there is no restriction associated with using a license on development and test environment.

4. SAP hybris license is tied to a database type and hence license generated for MSSQL will not work in a developer setup that makes use of HSQL embedded DB.

5. While importing the license key using or license.bat command you may have to create an entry in file to overwrite the SYSTEM ID, this entry is not required if license file was generated with system ID CPS
# System ID

./ -install /path/to/fileContainingLicense.txt