Place a can of coconut cream or full-fat coconut milk in the refrigerator overnight.
Chill the large mixing bowl (or the bowl of a stand mixer) you'll be using in the freezer for about 10-15 minutes before you start (this will help you achieve soft peaks quicker).
Scoop out the thick coconut cream that's risen to the top of the can and separated from the coconut water. Transfer the thick cream to your chilled bowl. Set aside the leftover coconut water in the can.
Using a hand mixer/electric mixer or the whisk attachment of a stand mixer, start the whipping process. It can take between 3-5 minutes to achieve soft peaks. If the coconut cream looks a little chunky once you start whipping, add a couple splashes of the reserved coconut water to help smooth out the texture.
Once smooth, add in the sifted powdered sugar (it's important to sift so you don't have any clumps) and vanilla extract. Whip again to incorporate until smooth.
It's ready to enjoy as is, or you can transfer it to an airtight container and store it in the fridge to firm up more until ready to use.