Atlassian provides some guidance here but I want to be sure the solution doesn't commit us to Atlassian's platforms.
It appears you are on cloud so if you cease all licensing the instance would eventually be torn down, as I understand things. Now you should be able to drop down to the free version (under 10 users) and you will retain access to your instance and projects/issues. You may need to issue a request to Atlassian Support to make that happen.
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