Pour ¼ cup coconut milk into a bowl. Sprinkle gelatin powder on top. Let stand until softened, about 1 minute.
Combine remaining coconut milk, cream, sugar, and vanilla extract in a small saucepan over low heat. Cook and whisk constantly without simmering for 3 minutes. Add coconut flour. Continue cooking over low heat while stirring until smooth and lump free, 7 minutes longer.
Add gelatin mixture to the cream mixture and whisk vigorously to dissolve gelatin. Remove from heat and pass mixture through a fine sieve.
Wet an aluminum panna cotta mold with water and pour in cream mixture; wetting the mold first makes it easier to unmold later. Refrigerate at least 4 hours.
Flip panna cotta onto a serving plate, carefully unmold, and sprinkle the top with some coconut.
