Six city-based franchise teams, two from each country, will play 30 group stage matches followed by the semi-finals and a final.
"The proposal put forward ... of a six-team European tournament featuring teams from Ireland and Netherlands provides an excellent basis for Scottish cricket to prosper," Cricket Scotland Chief Executive Malcolm Cannon said.
GS Holding Inc and Woods Entertainment will deliver the tournament under an initial 10-year agreement, with the matches set to be broadcast in global markets.
The rules state that each team must have at least nine domestic players and a maximum of seven overseas players in their squads. Six domestic players must be among the 11 on the field in each match.
The boards also said the national teams' coaches and support staff will be allowed to participate with the teams as long as it does not conflict with their national duties.
(Reporting by Rohith Nair in Bengaluru; Editing by David Goodman)
