One can install AdminStudio in a local VM or in one hosed in the cloud, but it does not change the number of users permitted to access the licensed installation.
AdminStudio can be installed on a workstation, physical or virtual, that’s in the licensee’s control
That virtual machine can be running on a local workstation, on a server in a hosted data center, or in a private/public cloud
The control requires that this virtual machine running in a cloud cannot be accessible by anyone other than the licensee’s users that are covered under the AdminStudio license
In short, the same per user & machine license restrictions are help regardless of where AdminStudio is installed
So yes, you can but you must keep in mind that just because others could access this virtual machine, only the users where licenses have been procured for them are legally entitled to use it.
Example: customer buys 5 AdminStudio Enterprise licenses. This grants the installation of AdminStudio on up to 5 machines that up to 5 specific people can use (it’s not for sharing among a larger group).