Chill a mixing bowl and beaters in the freezer for 10 minutes before starting.
Open the can of coconut milk without shaking. Scoop out the solidified coconut cream, leaving the liquid behind.
Place the coconut cream into the chilled mixing bowl.
Using an electric mixer, beat the coconut cream on medium speed until it begins to become fluffy.
Add powdered sugar, starting with 1 tablespoon and increasing to taste. Add vanilla extract if using.
Continue to beat the mixture until it forms soft peaks and has a smooth texture, about 3-5 minutes.
Serve immediately or store in the refrigerator in an airtight container for up to 1 week.