Yes, that's right. You need to sign up to AdSense. Once you finish the sign up process and meet the YPP requirements, your account will be reviewed for monetization. Here's more info: https://goo.gl/xwbPXW . Hope this helps.
@TeamYouTube Should the adsense settings be made first to confirm the channel's monetization?
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I've linked an approved adsense account but still hasn't received confirmation
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