Now this is quite specfic, and I'm sorry about that.
I am running a Windows 10 virtual machine using QEMU inside my physical Arch Linux install. The virtual machine is set up with GPU passthrough. It uses the VFIO BIOS.
When launching Just Cause 3 through Steam (the one other thread on the internet with this issue says this is also the case for other Avalanche games, e.g. Mad Max), Windows instantly bluescreens at ntoskrnl.exe. Other games do not have this issue and run without any issue. Just Cause 3 worked without an issue on the same hardware on a physical, dedicated Windows install.
Graphics drivers are completely up to date, and fast boot is off (apparently this can cause issues).
I don't really expect an exact solution (as I said, this is quite specific), but if anybody can at least suggest things to try, I'd be grateful. I have attached the dump and my hardware as images: