EU and UK
Pseudonymisation vs anonymisation: what GDPR and DPA 2018 say
Updated
Replacing names with codes does not take data out of data protection law on either side of the Channel.
The GDPR
Pseudonymisation means the data can no longer be attributed to a specific person without additional information, provided that information is kept separately. Recital 26 adds that such data, which could be attributed to a person by using the additional information, should be considered information on an identifiable natural person.
The UK
Section 171 of the Data Protection Act 2018 defines de-identified personal data as data that can no longer be attributed, without more, to a specific data subject, and makes it an offence knowingly or recklessly to re-identify it without the controller's consent.
What that means for a licence
A pseudonymised dataset licensed to a buyer is, on these texts, still personal data. Whether the buyer may hold it is a question for both sides' counsel before anything is shared.