I am pretty sure that is a traditional top from Turkey like this one:
Sebastián del Pino gave me one and I have also seen them on Ebay. Mine has the wood body stained pink and the vertical glossy paper stripes are gold on the upper part and blue on the bottom. Spinning it looks almost identical to the one you found. However, mine will last only a couple of seconds spinning upside down so the swivel on that one probably is less flat on the spintop side and therefore has less friction.
The ring looks like a self winding launcher on other tops but it is not. It is just a swivel that lets the top spin while it is still attached to the string. You wind it as a normal top with the string around the body from the tip up.
