1. Preheat oven to 350 degrees F. Spray two 9-inch round cake pans with nonstick baking spray and line bottoms with parchment rounds.
2. In a medium bowl, combine flour, baking powder, baking soda, and 1/2 teaspoon salt; whisk and set aside.
3. In the large bowl of a freestanding mixer with the paddle attachment, beat sugar, butter and sweetened cream of coconut until fluffy, about 3 minutes. Beat in egg yolks, one at a time. Add vanilla and coconut extracts. With mixer on low speed, beat in dry ingredients, alternating with buttermilk, until just combined.
4. In another bowl, using the whisk attachment, beat egg whites with a pinch of salt until they are stiff but not dry. Gently fold egg whites into cake batter.
5. Evenly divide batter between prepared pans. Beat for 45 minutes or until toothpick inserted into the center comes out clean. Cool in pans for 10 minutes then turn cakes out onto racks to cool completely.
6. Meanwhile, make the frosting: using an electric mixer, beat cream cheese and butter together until just combined and creamy. Add cream of coconut, vanilla and coconut extracts; beat until just combined.
7. Add 2 cups of powdered sugar and beat until all ingredients are just combined and smooth. Add more powdered sugar if necessary to achieve desired consistency. Frost cooled cake and sprinkle coconut generously over tops and sides.
