事実上 is used in the context "it seems/is said ~ but actually ...". In the example about North Korea, North Korea insisted that it's a launch of a satellite, but actually it's a launch of a missile, so 事実上の is used there. 実際の doesn't have this meaning, but an adverbial phrase 実際(に)は means almost the same as 事実上, as in 北朝鮮の人工衛星は、実際(に)はミサイルだ(=事実上ミサイルだ), since this は works as the contrastive marker. Thus, #2 is correct in your example.