Giving away a key ring (8)
I believe the answer is:
offering
'giving' is the definition.
(offering is a kind of giving)
'away a key ring' is the wordplay.
'away' becomes 'off' ('off' can be a synonym of 'away').
'a key' becomes 'e' (I've seen this in other clues).
'off'+'e'+'ring'='OFFERING'
(Other definitions for offering that I've seen before include "Gift presented for acceptance" , "Oblation" , "Tendering - sacrifice" , "Sacrifice to deity" , "Religious sacrifice" .)