Yes, the practical hurdles seem significant. It might be something you'd have to phase in, in order to allow investors to withdraw. Or offer buy-outs. You'd want to avoid it just going underground. Some of that will be inevitable but minimizing it should be the goal.
Perhaps a first step might be not allowing anyone who isn't a citizen to immigrate in to work in that sector. But I am speculating, you would really want someone with a good understanding of the whole thing to be very careful in crafting a plan.