Preheat the oven to 350° F.
Spread one cup of sweetened, shredded coconut onto a rimmed baking sheet and toast for about 7 minutes or until golden brown. Stir the coconut periodically while it toasts to ensure that it browns evenly. Set aside to cool.
Blend one 13.5 fluid ounce can of full fat coconut milk to reincorporate the milk with the fat solids. Set aside.
Mix two sticks (one cup) of softened butter with one cup of granulated sugar with a hand or standing mixer until light and fluffy, about three minutes.
Separate room temperature eggs, reserving the whites for later use. Add yolks, one at a time to the butter/sugar mixture, mixing well between additions. Add vanilla and almond extracts.
In a separate bowl, sift the cake flour, baking powder and ¼ teaspoon of salt. Measure out 1¼ cups of coconut milk. Add the flour and and coconut milk to the cake batter in alternating increments, starting and ending with flour. Mix until smooth.
In a separate bowl, whisk the egg whites with ⅓ cup of sugar until stiff peaks form. Gently fold the egg whites into the cake batter.
Line two muffin tins with paper and divide the batter evenly among the 24 muffin wells. Bake the cupcakes for about 14 minutes or until a toothpick inserted into the middle of a cupcake comes out clean. Let the cupcakes cool in the tins for 5 minutes, then place them on a wire rack to cool completely.
When the cupcakes have cooled, make the vanilla buttercream frosting. With a hand or standing mixer, whisk together the remaining 1¼ cups (2½ sticks) of softened butter with the powdered sugar, 2½ teaspoons of vanilla, ¼ cup plus 3 tablespoons of coconut milk and a pinch of salt. Whip the frosting until smooth and fluffy.
Using a pastry bag fitted with a star attachment or offset spatula, liberally frost each cupcake and garnish with the toasted coconut.
This recipe makes 24 cupcakes.