From the 2006/07 season clubs participating in UEFA competitions must have four homegrown players in their 25-man squads - two trained within that club's own academy and two by a club within the same national association.
The quota will increase to three club-trained and three-association trained players by 2007/08 and to four and four from 2008/09.
"I think it's a good idea," said Benitez. "You've always got to give young players a chance to show what they can do and I am sure this idea would be good for the national team too.
"From my point of view it is difficult to sign players if the market isn't very big, and it means that the homegrown players you would want are a lot more expensive because there aren't many of them around.
"But I think it would be better for national teams and for supporters if their clubs had more local players."