Depending on the jurisdiction in which you live, it could result in fines or even jail time, if the use of decrypted software can be traced. With the ability to add non-Steam games to the application as a native feature, the likelihood that you will be banned from accessing Steam just for playing a decrypted game is negligible. However, there is a possibility since the company has the power of prohibition. Many people play Steam games that they bought directly from the retailer, but some users wonder if they can add games they've purchased elsewhere to the Steam launcher.
What is illegal is the act of distributing a game without permission (the sites) and the act of reverse engineering or modifying the software (Rockstar should have some recent lawsuits based on this) without the rights to do so. When you enter the wild west of illegal access to games, you open yourself up to everything in those sections of the web. In addition to direct malware, browsing pirated sites and searching for a deciphered copy of a game could expose you to pornographic or other NSFW content. If the game detects that you are using an illegitimate copy, it displays anti-piracy messages and significantly increases the number of enemies in the game.
If it's not a legal copy of Far Cry Three, regardless of how you justify it by saying you have one, it's illegal to use it. Many users who want to try out games or play older games that are no longer conventionally available wonder if those games can be tracked. It allows players to interact with each other and provides an easy way to obtain, update and maintain tidy games. Hmmm, the plot gets complicated, yes, I don't know any potential solution for that other than cracking it, and I personally am in favor of keeping it in Ubisoft, but with the forum rules and so on, although if the software no longer works legally, you'll be allowed to fix it, something like abandoned software has even fewer protections than software in the market.
Technically, it's still illegal to use files that have changed from their original state (if the bytes inside were changed, what does a crack do). Horror stories, such as one from Kaspersky about a player who was attacked with ransomware while trying to download a decrypted game, should serve as a warning. As a retailer, it houses hundreds of games that players can launch directly from a convenient location. In the cracked version, the game studio is plagued by pirates who steal your game without paying, preventing you from making a profit.
Because games come from many sources today, the retailer has included a way for players to add non-Steam games directly to their library. If you're working with a game or ROM that you just received from another place offline and that you've uploaded to your computer in that way, it's just an executable file that's on your computer and that you might want to play from time to time.