A Trusted Platform Module (TPM) can be utilized to provide hardware-based protection of cryptographic information utilized within a virtual computing environment. A virtualized cryptographic service can interface with the virtual environment and enumerate a set of keys that encryption mechanisms within the virtual environment can utilize to protect their keys. The keys provided by the virtualized cryptographic service can be further protected by the TPM-specific keys of the TPM on the computing device hosting the virtual environment. Access to the protected data within the virtual environment can, thereby, only be granted if the virtualized cryptographic service's keys have been protected by the TPM-specific keys of the TPM on the computing device that is currently hosting the virtual environment. The virtualized cryptographic service's keys can be protected by TPM-specific keys of TPMs on selected computing devices to enable the virtual environment to be hosted by other computing devices.