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That RSA public/private (private stored inside the smart card) will bring lot of troubles to developers and will take long time to study and analyze that thing.
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It is not about cryptography. It is about the
way of code encryption/decryption (or translation in case of virtual machines, own environments, virtual CPUs, etc.). You can use any algorithm, even hybrid, and you will lose becuase in some moment your code has to be detranslated/decrypted. Till the day someone will propose a new way of abstraction, everything will be crackable in a short time. The hardest software protections take now ~10
days for the deprotection on the first approach and then ~10
hours for the deprotection after getting acquainted with it. That is too short.