You can accomplish something similar to this using Azure Active Directory Identity Protection. Go to Configuration > MFA registration > Require Azure MFA Registration. This does require a P2 Premium license.
Azure Active Directory Identity Protection will prompt your users to register when they sign in interactively and they will have 14 days to complete registration. During this 14-day period, they can bypass registration but at the end of the period they will be required to register before they can complete the sign-in process.