Heat milk to a simmer in a medium saucepot over medium-low heat. Whisk in sugar and cocoa powder and turn heat to low.
In a large bowl combine heavy cream and powdered sugar. Using a whisk or hand mixer whip cream until soft peaks form.
Add 1-ounce of each type of liqueur to 2 large, heat resistant glasses or mugs. Fill glasses with the hot chocolate and garnish with whipped cream and toasted coconut.