As god intended it:
I've ummed and ahhed over the keyring question since the 1970s!The conclusion I came to a few years ago is as follows: My Ranger, Cybertool and Swiss Champ each have a Victorinox leather belt pouch, and so have their keyring removed, which means the hazard of getting it trapped when closing tools (particularly the back set) is removed also. Anything smaller, which for me is all models of four or fewer layers, including all my 58mm ones, have their keyring still attached. I then thread a bootlace through this and use that to suspend the day's knife off my belt and into my front pocket.
I did not, stop saying that!
My god prefers it with an old cross