In a sauce on medium-high heat melt butter and add rice. Stir rice until evenly coated with butter.
Add all coconut milk, water, 1 tsp salt and coconut shavings. Stir and allow rice to come to a boil. Lower heat to low-medium and cook until rice is tender and fluffy, about 40 minutes.
While rice is cooking prepare steak as follows. Preheat pan on medium-high heat. Gently pat steaks dry and set aside.
In a small bowl at black pepper, 1 teaspoon cayenne, crushed red pepper flakes and 1 1/2 teaspoons salt. Stir to combine.
Sprinkle pepper mixture onto steaks. Place in pan spiced side down. Cook on each side for 4-6 minutes. Remove from heat and let rest.
On an empty burner turn the flame to medium. Place one red pepper directly on the burner and allow pepper to char. Continue turning pepper until all sides are cooked through, softened and charred.
Place pepper in a ziplock bag and seal to allow pepper to steam. Repeat process with remaining pepper. Allow them to steam for 5 minutes.
Remove charred skin from peppers, then quarter and remove all inner seeds and membranes.
Add peppers to to food processor. Add olive oil and remaining cayenne pepper and salt. Blend until a smooth puree forms. Pour half the sauce over peppers and reserve rest for dipping.
Serve immediately with coconut rice.