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After some days of tracing I have seen that there is a main check routine that try to connect to license servers to get some kind of decryption codes/keys/missing memory location bytes or something like that. If the program cannot get that codes the decryption routine fail to decrypt some part of the program, so it CRASH.
Bypass the online check is not enough because we must get missing codes/keys/bytes.
The main decryption/deobfuscation routine seems to be sub_40E930. This routine is executed also if you are using the dongle to work offline ;-) Main job inside here I think...........
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